$20 million North Tonawanda apartment project seeks tax breaks
$20 million North Tonawanda apartment project seeks tax breaks
Tax breaks could play a significant role in one of the largest, private sector-financed, residential-based developments proposed in North Tonawanda.
The incentive request from Rock One Development LLC, which wants to build the 100-unit apartment complex along River Road, will be reviewed by the Niagara County Industrial Development Agency when it meets on Dec. 7.
As proposed by the Clarence-based development group, the vacant six-acre parcel along River Road and overlooking the Niagara River, would house as many as 100 market-rate apartments and townhouses, spread among several buildings. The project would also include a 2,000-square-foot clubhouse and two, 3,000-square-foot retail-driven buildings facing River Road.
Rock One Development expects to development to cost slightly more than $20 million.
Incentives would amount to $3.9 million and including property, mortgage recording and sales tax breaks.
In return, besides investing in the property, the project would create at least 11 new jobs that would pay $310,000 annually, according to NCIDA documents.
James Fink covers real estate, commercial development and government
