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The $16 million historic Tichner and Jacobi building renovation project has received $10.8 million in construction financing. The Community Preservation Corp. Tuesday said it has closed on the finance deal with REO Holdings Carthage LLC.
The downtown building is slated to be a mixed-use development with 41 rental apartments and commercial space. Eight of the apartments will be income-restricted affordable housing. The date of completion was not disclosed.
“We are thrilled to be part of bringing a prominent, historically significant building back to life in downtown Rochester,” says Miriam Zinter, vice president and mortgage officer of CPC. “Investing in a community’s rejuvenation is core to our mission at CPC.”
CPC is a nonprofit affordable housing and community revitalization finance company. Based in New York City, it provides financial and technical resources to revitalize underserved communities. It has invested over $15 billion to finance the development and preservation of more than 230,000 housing units.
The Tichner and Jacobi renovation project, located at the corner of Andrews and St. Paul streets, will also receive $7.1 million in permanent financing from CPC. Other funding sources include Empire State Development’s Restore NY and state and federal historic tax credits.
The project will benefit from a payment in lieu of taxes through the city of Rochester’s Conversion Urban Exemption program, which requires 20 percent of a project’s units to be affordable to households earning at or below 60 percent of area median income, officials say
“REO Holdings Carthage LLC is delighted to have partnered with the Community Preservation Corp. on this important project in Rochester,” says Tony Cilino, owner of REO Holdings Carthage. “Our collaboration has been seamless and productive, and we greatly value CPC’s commitment to community development. We are very happy with our ongoing partnership and look forward to future opportunities to work together.”
A six-story brick, iron-faced, mixed-use structure, the site was constructed in 1884 for
Tichner and Jacobi Tailors for a garment factory and retail business. Henry Siebert Sons Inc. bought the building in 1934; in recent years, it has housed many businesses. The structure has been vacant for roughly a decade.
CPC will partner with SOS General Contractors LLC, a local developer. The two have previously partnered on the Center City Place LLC project at 131-163 State St. Center City Place, like the Tichner and Jacobi building, was a gut rehabilitation of a mixed-use project with 41 rental apartments and eight commercial spaces.
Smriti Jacob is Rochester Beacon managing editor.
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