News: Brokerage

COMIDA approves assistance for three local projects

According to Monroe County executive Maggie Brooks, the County of Monroe Industrial Development Agency (COMIDA) approved assistance for three local economic development projects. The following projects were approved by COMIDA: * Apollo Development Co., LLC: A lease/leaseback at 2060 Fairport Nine Mile Point Rd. Apollo proposes to construct a new 25,000 s/f building. The new building will be primarily occupied by Razak Architects and University Sports Medicine (USM). The applicant seeks approval of LeasePlus based on the use of 100% local labor and suppliers to construct the project. * Gallina Cambridge, LLC: A lease/leaseback at 1870 South Winton Rd., Suite 220: Gallina Cambridge proposes to build out an existing 18,000 s/f building in the Cambridge Place Business Center in Brighton. 13,198 s/f will be leased to Medaille College. The $400,000 project is expected to impact 17 FTE and create two FTE within three years. The applicant seeks approval of LeasePlus property tax abatement for University related facilities for the portion of the building to be occupied by Medaille College. * Choice One Development - Unity, LLC: A lease/leaseback at 642 Kreag Rd., Suite 210, Pittsford.Choice One is constructing a 21,000 s/f, single-story medical office building near the intersection of North Union St. and Big Ridge Rd. in Ogden. The primary tenant will be Unity Hospital which will sublet space to Unity-Spencerport Renal Center and Unity Family Medicine-Spencerport. The $4.7 million project impacts 27 FTE and projects to create 10 new FTE within three years. The applicant seeks approval of LeasePlus property tax abatement based on the local labor and supplier rule. "At a time when many companies across the nation are downsizing and experiencing layoffs; it is extremely encouraging that we have three local businesses here in Monroe County that are demonstrating a commitment to growing and expanding their business operations," said Brooks. "These new investments will help strengthen our local economy by creating and retaining highly-skilled jobs for the residents of this community."
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Strategic pause - by Shallini Mehra and Chirag Doshi

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
AI comes to public relations, but be cautious, experts say - by Harry Zlokower

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,