Created: 07/20/2014 10:42 AM WHEC.com
Local residents and vacationers are wondering when the vacant lots on Lakeshore Drive will be transformed into the $116 million mixed-use development known as North Shore, but with the land purchase still in limbo, a start date is unknown.
“We are currently still in financial negotiations for land transfer. Nothing can begin until that is complete,” Jennifer Miglioratti, spokesperson for the developer, stated in an email July 10. “I am unsure how long that will take due to the number of parties involved.”
Rochester-based development team Morgan-LeChase is in negotiations with current landowner David Genecco for the purchase of 21 acres along Lakeshore Drive to create a five-phase project that includes apartments, condos and first-floor commercial space for shops and restaurants.
Once the site is in the hands of developers, remediation of 15.5 acres of the land through the state’s Department of Environmental Conservation (DEC) Brownfield Remediation Program must be completed before construction commences on phase one. The timeline laid out by developers in April, upon approval of the final site plan and $11 million tax deal, pegged June 2014 as the approximate start date for Brownfield work.
One month later, there is no indication of when that work will begin.
Once site cleanup does commence, developers say it will take six to eight months, followed by the first phase of construction over approximately 18 months. The four subsequent phases of the project will follow, moving west to east.
“The developers are still waiting on financing,” said Mike Manikowski, executive director of the Ontario County Industrial Development Agency (OCIDA). “I believe they are close. Once they have the financing set, we will close on phase one soon, which is the Brownfield remediation and first phase of development. As it moves on, we will close separately on each phase.”
The OCIDA is a big part of the North Shore project, as it approved $11 million in a PIF — PILOT (Payment In Lieu of Taxes) Increment Financing — agreement and more than $4 million in sales and mortgage tax abatements for developers for phases one, two, three and five.
Read the full story: http://www.mpnnow.com/article/20140720/News/140729981#ixzz381I0GFJF