Rochester's Cornerstone Group nears completion on $60 million Tri Veterans Housing rehab project
The $60 million acquisition Tri Veterans Housing rehab project which included extensive renovations of Fernwood Park at the intersection of Culver and Waring Rds., and Ramona Park, are expected to be completed in October.
The renovations of the Rochester Civic Housing properties, Fernwood Park, Ramona Park and Norton Village, built as part of the "Rochester Plan," between 1946 and 1949 to house returning World War II Veterans, include a total "makeover" for all 516 units.
Rochester's Cornerstone Group, Ltd. serves as the developer for the project. Rochester Civic Housing serves as managing member with Rochester's Cornerstone Group, through Millicost Management. Rochester Civic Housing retains ownership interest in the properties. Rochester Civic Housing, through its not-for-profit property management affiliate, Rochester Management, will continue to serve as property manager for the projects. The design/builder is LeCesse Construction. Konopka Architecture and Hunt Engineers serve as the architect and civil engineer, respectively. Steven Weiss of Cannon, Heyman & Weiss is also a member of the development team.
Brooklyn, NY Marcus & Millichap brokered the sale of 733 Dekalb Ave., a fully free-market multifamily and retail property in the Bed-Stuy neighborhood. The asset sold for $2.8 million.
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