Featured News - Current News - Archived News - News Categories

GCEDC Supports $15 Million Market-Rate Development in Pembroke

Tue, Oct 24th 2023 08:00 am

BATAVIA, NY – The Genesee County Economic Development Center (GCEDC) Board of Directors approved a final resolution for Countryside Apartments, LLC’s proposed $15 million development of four 24-unit market-rate apartment buildings at its board meeting on Thursday, October 26th, 2023.

Countryside Apartments, LLC will build the project in phases at 8900 Alleghany Road in Pembroke. Each phase consists of a building with eight 1-bedroom and 16 2-bedroom units, totaling 96 market-rate units.

The project aligns with the demand for housing in Genesee County which in part has been spurred by $1 billion of investment and over 600 careers announced by projects at the Western New York Science & Technology Advanced Manufacturing Park (STAMP). Genesee County’s Housing Needs Assessment estimated in 2018 that the addition of 4,800 housing units will be needed over the next 20 years.

“With 20 years of growth across Genesee County, increasing our stock of quality housing will enable more of our manufacturing workforce to live locally, spend locally, and participate locally,” said Steve Hyde, President and CEO of the GCEDC.  “We believe that Countryside Apartments, LLC’s investment and other market-rate projects can address the demand and positive outcomes recognized in Genesee County’s Housing Needs Analysis.”

Countryside Apartments, LLC requested a sales tax exemption estimated at $739,200, a property tax abatement estimated at $2,020,688, and a mortgage tax exemption estimated at $130,000.

The fiscal impacts on local benefits are estimated at over $10 million. For every $1 of public benefit, the company is investing $5 into the local economy.