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$15 Million Market-Rate Housing Development Proposed in Batavia

Fri, Jan 12th 2024 08:00 am

Project Profile for MedTech Landing, LLC, a proposed 80-unit market rate housing development

BATAVIA – The Genesee County Economic Development Center (GCEDC) board of directors advanced an initial resolution for a proposed market-rate housing development on MedTech Drive in the town of Batavia at its board meeting on Thursday, January 11, 2024.

MedTech Landing LLC plans to invest $15 million to construct 100,000 sq. ft. of apartment buildings totaling 80 units. The project is comprised of six buildings with a dozen one, two and three bedroom units, and one 8-unit building, along with 6 six-car garages.

The project aligns with the GCEDC’s Housing Policy #1 and a recognized need for housing availability. The Genesee County Housing Needs Assessment identified in 2018 that 4,800 units were needed in the next 20 years across single family homes and rental units.

“In 2022, Governor Hochul and New York enacted an ambitious goal of preserving and creating 100,000 units of housing over the next five years, we aim to be a part of the proposed solution, especially with the growing demand our community has experienced because of a strong business growth by the private sector,” said GCEDC President and CEO Steve Hyde. "The GCEDC is pleased to work with our partners in the Town and City of Batavia to grow both the market-rate housing proposed by MedTech Landing, LLC and housing improvements through the Batavia Home Fund.”

MedTech Landing LLC is seeking a sales tax exemption estimated at $720,000, a property tax abatement of approximately $3,031,048, and a mortgage tax exemption of $120,000.  It is estimated that $12 of economic impact will be generated for every one dollar of public sector investment.

The project will generate up to one million dollars over 20 years that will be dedicated towards the Batavia Home Fund (BHF) which was created to address shared housing goals and establish methods to fund beneficial activities to enhance the area’s housing stock.  The BHF is a collaboration between the Town and City of Batavia and the GCEDC.  

A public hearing for the proposed project agreements will be scheduled in the town of Batavia.

EARLIER:

BATAVIA – The Genesee County Economic Development Center (GCEDC) board of directors will consider an initial resolution for a proposed market-rate housing development on MedTech Drive in the town of Batavia at its board meeting on Thursday, January 11, 2024.

MedTech Landing LLC plans to invest $15 million to construct 100,000 sq. ft. of apartment buildings totaling 80 units. The project is comprised of six buildings with a dozen one, two and three bedroom units, and one 8-unit building, along with 6 six-car garages.

The project aligns with the GCEDC’s Housing Policy #1 and a recognized need for housing availability. The Genesee County Housing Needs Assessment identified in 2018 that 4,800 units were needed in the next 20 years across single family homes and rental units.

MedTech Landing LLC is seeking a sales tax exemption estimated at $720,000, a property tax abatement of approximately $3,031,048, and a mortgage tax exemption of $120,000.  It is estimated that $12 of economic impact will be generated for every one dollar of public sector investment.

The project would also generate up to one million dollars over 20 years that will be dedicated towards the Batavia Home Fund (BHF) which was created to address shared housing goals and establish methods to fund beneficial activities to enhance the area’s housing stock.  The BHF is a collaboration between the Town and City of Batavia and the GCEDC.  

“As we all know, there is a housing crisis across New York State and resolving it requires innovation and collaboration and BHF is a unique way for our community to address our housing needs,” said Batavia City Manager Rachael Tabelski. “As we continue to revitalize our downtown core and infill areas adjacent to the town of Batavia, we are confident that the BHF will encourage developers and homebuilders across the region to invest here.”

The Batavia Home Fund is being supported by fundings generated by multi-family housing projects in the City and Town. Projects will be considered by a committee of City, Town and GCEDC officials to determine how funds raised will be utilized.

“As the agricultural, commercial, and industrial sectors continue to grow in the Town and surrounding communities, it’s important that the workforce needed to fill these jobs have good housing options like the ones that MedTech Landing will provide,” said Town of Batavia Supervisor Greg Post. “An important component of this effort is refurbishing and rehabilitating existing housing structures and this development will contribute to that effort through the BHF.”

If Med Tech Landing LLC’s application is accepted, a public hearing will be scheduled on the proposed agreement in the town of Batavia.

The January 11, 2024, GCEDC board meeting will be held at 4 p.m. at the MedTech Center’s Innovation Zone, 99 MedTech Drive, Batavia. Meeting materials and links to a live stream/on-demand recording of the meeting is available on our GCEDC meetings page.