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Penfield apartment complex moves foward
Penfield, N.Y. - After years of planning and debate, a Penfield apartment complex project has been awarded the tax breaks it needed to move forward.
The County of Monroe Industrial Development Agency awarded the Southpoint Cove Apartments project $2.2 million in sales tax and mortgage tax abatements.
The apartments will be located next to Bazils restaurant on Empire Blvd in Penfield.
The entire project will cost $54 milllion and the developers have secured a $40 million bank loan.
The project took time to get approval from the Penfield town board because of traffic-related concerns, worries about an eagles nest near the project site and concerns about project funding.
The site is also a former landfill so there were environmental concerns about developing the land.
People have been trying to develop this land for the past decade, but they have hit a brick wall because of the environmental problems, said Alan Knauf, the attorney for the projects developers. We're investing the money we need to the cleanup the site.
With tax break approval, environmental cleanup work will begin on Wednesday and construction will begin in December.
As per federal and state wildlife regulations, construction will not be able to go on during the eagles breeding season.
Residents are expected to be able to move into the complex in Fall 2014.
The apartment complex will have 358 units and ten three-story apartment buildings.