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EDA approves Citywalk DAA and TIF for 342‑unit downtown apartment project
Summary
Rochester EDA approved a development assistance agreement enabling the 13‑story Citywalk apartments (342 units) to close financing and begin construction; the proposed TIF uses a minimum assessed value of $86M (current site ~$3.1M) and the developer agreed to preserve 67 nearby units under a 20‑year 4D arrangement.
The Rochester Economic Development Authority approved a Development Assistance Agreement and associated tax increment financing (TIF) for the Citywalk apartment project, a 13‑story, 342‑unit development proposed for a downtown site adjacent to 6th Avenue.
EDA staff said the project’s total development cost is about $140 million and that the TIF district uses a minimum assessed value of $86 million as the baseline for tax increment capture; the site’s current assessed value is about $3.1 million. The DAA requires the developer to complete the project by December 31, 2028 (with typical statutory flex if principal is retired earlier). The owner also agreed to preserve an adjacent 67 units under the county’s 4D tax‑treatment program for at least 20 years to retain those units as affordable (set at 60% AMI or lower) rather than losing naturally occurring affordable housing as values rise.
Staff said the project also includes transportation and public‑realm improvements tied to the development, including a realignment of the right turn at 6th Avenue/Second Street to improve safety and a bike‑parking facility serving the building and corridor. Council and EDA members heard public comment earlier in the meeting urging caution about using TIF on downtown housing and concerns about historic properties.
After a short staff presentation and council/EDA questions about blight findings, preservation commitments, the developer’s recent renovations of nearby rental properties, and timing, the EDA voted to approve the DAA to allow the developer to move toward site closing and construction. The city council, sitting as the EDA, approved the findings and returned to the council session; the council adopted the EDA findings as presented.
