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Progress at Midtown Tower
Rochester, N.Y. -- We may finally see revitalization at Midtown Tower.
Tax incentives were approved for the $54 million project Tuesday. Developers of Midtown Tower will get an $18 million tax break.
In addition to getting a $3.7 million loan from the city, the developer, Midtown Tower LLC, will play a pilot agreement of about $7 million.
The tower will consist of a mix of residential and commercial space.
The top 14 floors will be filled with apartments - about 181 units. The names and types of businesses that will occupy the retail space are still being negotiated.
In total, the project is expected to generate about $10.6 million in tax revenue.
Developer Larry Glazer says without the tax incentives, the plan would not pan out.
Certainly we're going to have residential units that are very unique, very unusual and for a very targeted audience with a lot of amenities in the building but for the commercial space. We're looking at the conventional office users but we're also looking at a variety of retail uses, things that haven't been downtown in quite a while - supermarkets, drugstores, Glazer said.
The city says the pilot was necessary to generate revenue on a property that right now doesnt bring in anything.
Work on Midtown Tower is expected to begin this weekend, with completion expected in the spring or summer of 2015.