Conifer Realty is pleased to announce the start of the transformative rehabilitation of Southeast Towers, a multi-family apartment community located in the Neighborhood of Play. Overlooking Martin Luther King Jr Memorial Park on Manhattan Square Drive, Southeast Towers is one of the few all-affordable communities in Center City making it a critical asset for the City of Rochester. The redevelopment will have 336 fully renovated apartments upon completion, including apartments adapted for Mobility Impaired and Hearing/Visually Impaired individuals.
Working to implement this complicated redevelopment, is a team of highly skilled New York-based professionals lead by Lisa Kaseman, Regional Vice President of Conifer Realty. Together, with the general contractor, Conifer-LeChase Construction, the property will undergo extensive rehabilitation to transform it from a neglected property into a vibrant, modern, highly desirable, state-of-the-art apartment community. It is projected to be completed in approximately 36 months.
Southeast Towers consists of two residential buildings; The Manhattan, a 17-story tower with spectacular views of the MLK Park, the City and beyond; and The Savannah, an eight-story building that overlooks the East End neighborhood. Both buildings will undergo transformative renovations with an emphasis on community space improvements that greatly enhance the quality of living for the residents. In addition, substandard units in the Savannah Building will be demolished to be rebuilt in a planned subsequent phase of development.
Joan Hoover, President of Conifer Realty stated, “We at Conifer are very pleased to be working closely with our residents and the City of Rochester on the long-overdue preservation of 376 affordable homes right in the middle of the exciting transformation of the inner-loop. Our preservation efforts have significantly and positively impacted both the level and duration of affordability. Likely the most challenging preservation we have undertaken, it will certainly be among our most impactful and rewarding.”
Major improvements will include new roofs, windows and ventilation system, complete replacement of the plumbing systems, elevator upgrades, exterior refresh and lighting, new surveillance system, demolition of the structurally deficient parking garage and reconstruction of a new parking lot, and redesigned courtyard and greenspace. Many desirable interior improvements will offer residents new kitchens, flooring and fixtures, and new air conditioning. Community amenities will feature open-concept common area spaces on the first floor including great room, fitness center, mail and package rooms and new laundry rooms. The convenience store will be relocated to a newly renovated space at the corner of Broad and Manhattan.
Conifer is committed to maintaining the Long-Term Affordability for residents. Thanks to the combined efforts of Conifer Realty, the Department of Housing and Urban Development (HUD), the City of Rochester, and a multitude of local, state, and federal business partners, Southeast Towers will remain affordable for decades to come. Southeast Towers has been approved under the HUD Rental Assistance Demonstration (RAD) program to establish a long-term Project-Based Rental Assistance subsidy.
The Total Project Cost is $117,253,575 with funding sources including; Federal Low-Income Housing Tax Credit Equity from Red Stone Equity Partners; Tax-Exempt Bonds and Subsidy Loans from New York State Housing Finance Agency; Credit Enhancement from Citi Community Capital; and a HOME Loan from the City of Rochester.
Over the next three years, Conifer and the community will come together and transform Southeast Towers into one of the finest apartment communities in all of Rochester and create “A HOME for Possibilities,” for hundreds of its residents.