Conifer Realty, LLC to Kickoff Phase Two of Park Square Development in Downtown Rochester, NY

576-Home, Affordable Residential Community will revamp housing in Downtown Rochester’s Neighborhood of Play

Project Renderings available here

ROCHESTER, NY – July 15, 2024 – Conifer Realty, LLC (Conifer), a nationally ranked leader in high-quality, affordable housing, today announced the successful close and construction preparation of Park Square II, the second phase of Conifer’s redevelopment of the Park Square Campus. The development is funded in part by New York State Homes and Community Renewal and the City of Rochester. The company plans to host a groundbreaking ceremony in August.

Park Square II will preserve 200 existing apartment homes and create 40 new apartment homes to replace those demolished as part of Park Square I construction. The existing building, formerly known as Midtown Manor and now as the Tower at Parks Square, has 21 floors containing 94 studio apartments and 106 one-bedroom apartments.

Phase II will complete Conifer’s redevelopment of the entire Park Square campus, resulting in 576 new or freshly renovated apartment homes in Downtown Rochester’s Neighborhood of Play.

"We are thrilled to bring vibrant, new living spaces to Downtown Rochester as we embark on the next phase of the Park Square redevelopment,” said Sam Leone, President of Conifer Realty. “At Conifer, we are committed to fostering inclusive and thriving neighborhoods where families of all income levels can flourish.

We are proud to be a part of Rochester’s revitalization and we look forward to the positive impact Park Square II will have on the downtown area."

Rochester Mayor Malik D. Evans shared, "Stable, safe, affordable housing plays a critical role in the health and wellness of individuals and families across the city. Conifer has been a trusted partner on more than a dozen projects here and has helped to change the face of what affordable housing looks and feels like in Rochester —together we have created homes, not housing."

In addition to significant renovation of the interior and exterior components of the building, amenities at Park Square II will include reconfiguration of the tower’s first floor to create a more functional space with onsite management offices, improved community area and kitchenette, accessible laundry facilities, updated mail and package rooms, and outdoor seating areas. The new building will also include a community room, laundry facilities and a new outdoor courtyard.

This new community is located at 475, 485, and 495 E. Broad Street, in the center of the City of Rochester, adjacent to the Interloop East Transformation Project. The surrounding area is home to hundreds of new and renovated apartment buildings, new retail and service spaces, and the major expansion of the Strong Museum of Play. This site is one of the last in the area to see reinvestment and will complete Conifer Realty’s vision for a reinvigorated Park Square campus.

“The Inner Loop transformation enabled the city to break down racial and social-economic barriers by reconnecting downtown Rochester to the East End district and surrounding neighborhoods, bringing an influx of new construction,” said Michael Birkby, Director of Development Operations at Conifer Realty. “We saw this as an opportunity to preserve affordable housing for City residents who need it most. Park Square II will further contribute to the renewal of downtown Rochester, ensuring inclusivity and opportunity for all families, regardless of income.”

The total development cost for Tower at Park Square is $119 million. Funding for Park Square II consists of tax-exempt bonds from New York State Housing Finance Agency with a credit enhancement from M&T Bank, LIHTC equity through Red Stone Equity Partners with M&T Bank as the upper tier investor, Multifamily Preservation Program and New Construction Program funds from NYS HFA, and ARPA funds from the City of Rochester.

Park Square II will target families earning between 50% and 60% of the Area Median Income (“AMI”). 150 project-based vouchers have been awarded to the Tower; 120 from NYS Homes and Community Renewal and 30 from the Rochester Housing Authority.

About Conifer

Conifer Realty, LLC is a nationally ranked, full-service real estate company specializing in the development, construction, management, and ownership of high-quality, affordable housing communities. The company maintains offices in Rochester, NY, New York City, and Long Island, NY, Mount Laurel, NJ, and Columbia, MD, while expanding into new markets across the Midwest, Southeast and Southwest to fulfill the pressing need for high-quality, affordable housing. The company has developed more than 21,000 affordable housing apartments across more than 300 residential communities.

Visit www.coniferllc.com or find us on LinkedIn for more information.

MEDIA CONTACT:

Dave Lanzillo

Director, Marketing + Communications

David.Lanzillo@coniferllc.com