July 18, 2018
The Eastman Reserve is First Mixed-Use Development to Be Built in Eastman Business Park
Investment Complements Finger Lakes Forward, the Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy
July 18, 2018 – New York State Homes and Community Renewal today announced the groundbreaking of The Eastman Reserve in Rochester, the first large-scale new construction development to occur in Eastman Business Park in decades. The development will be located on a previous Kodak parking lot along the western portion of Eastman Avenue. The new $52.9 million mixed-income development will consist of 187 rental units and attractive commercial space within 17 buildings. Twenty-seven units will be targeted to homeless young adults who will have access to on-site support services.
Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Under Governor Cuomo’s leadership, New York State has made it a priority to create affordable housing that brings renewed energy to our urban cores. For the more than 300 New Yorkers who will call The Eastman Reserve home, this is an opportunity to take part in Rochester’s success the Finger Lakes Region economy as it continues to move forward.”
Governor Andrew M. Cuomo's commitment to growing the Finger Lakes economy by strengthening the City of Rochester and other communities is reflected in Finger Lakes Forward, a $500 million state investment through the Upstate Revitalization Initiative that builds on the more than $5.2 billion the State has injected in the region since 2012. The State's investment in Eastman Reserve complements the Finger Lakes Forward initiative with a diverse community asset that will help meet the need for affordable housing in the city and spur Rochester's economy.
Rental rates at the Eastman Reserve, which is being developed by Rochester-based not-for-profit PathStone, will be available to residents who earn between 60% and 130% of Area Median Income, with 27 units offering support services for homeless young adults. Utilities are paid for by the owner. The Eastman Reserve boasts high-quality amenities, such as: a clubhouse with a computer lab, on-site staff offices for resident services and property management, a large community room with a fireplace and kitchenette, a wraparound porch, and a laundry room. Other amenities include: modern floor plans, in-unit washers and dryers, stainless steel appliances, patios and balconies, a playground, a pavilion with grilling stations, a fitness center, a rooftop patio, private parking, secure interior bicycle storage, video entry security intercom and on-site video surveillance cameras, 24-hour emergency maintenance, a dog park exclusive for the residents, and much more.
This latest development builds on the successful rebirth of the Eastman Business Park, the site where Kodak began manufacturing photographic film and paper more than a century ago. The campus now supports nearly 100 companies employing more than 6,000 people. Eastman Reserve is part of an urban revitalization strategy, and the unit mix with the amenities will spark transformation of the westerly portion of EBP. Under an approved master plan for mixed-use redevelopment of the entire EBP, a number of manufacturing buildings are undergoing commercial redevelopment as part of the photonics industry cluster growing in Rochester.
This is the first EBP site that will have residential development. The Eastman Reserve is designed to provide residential density and commercial/retail to aid in the regeneration of the greater EBP neighborhood by combining employment, education, and housing opportunities with nearby amenities including The Mall at Greece Ridge, Genesee Riverway Trail, Seneca Park Zoo, Kodak Center for the Performing Arts, Monroe Community College Workforce Development Center, the Maplewood YMCA, and Ontario Park.
The development is part of the Governor's unprecedented $20 billion, five-year plan to create or preserve more than 100,000 affordable homes and 6,000 with supportive services. Since 2011, HCR has financed the creation or preservation more than 3,600 affordable apartments in multifamily buildings in Monroe County, more than 2,000 of which are in the City of Rochester. In addition, HCR, through its State of New York Mortgage Agency, has made more than $76.6 million in loans to 811 first-time homebuyers.
New York State’s investment in Eastman Reserve comes through New York State Homes and Community Renewal programs, including $25.5 million in tax exempt bonds, $10.6million in state and federal New Construction Capital program, $5.1 million from HCR’s Middle Income Housing Program, and low income housing tax credits that will generate almost $20 million in equity for the project. NYSERDA provided $150,000. Additional local public and private partners include the Maplewood Neighborhood Association and the West Ridge Road Business Association, the City of Rochester, JPMorgan Chase Bank, and PathStone Corporation.
Senator Joseph Robach said, "Across Eastman Business Park, in buildings that formerly housed Kodak manufacturing, companies from across the world have chosen to call EBP their home. With today’s ground breaking of The Eastman Reserve, Rochesterians from across our community will be able to call the Eastman Business Park their home. With these new 187 housing opportunities, Eastman Business Park will not only be providing businesses with the resources to grow and succeed but that same spirit will also extend to the families who will call this development home."
Assembly Majority Leader Joseph D. Morelle said, “Today’s groundbreaking further demonstrates what we as a community can achieve when we come together, and it takes us one step closer to ensuring every person in our community has a stable and secure place to call home. By expanding access to affordable housing options and providing access to critical support services for the most vulnerable among us we are offering hard-working families and individuals much-needed hope and the opportunity to participate in building a stronger and more vibrant Rochester.”
Monroe County Executive Cheryl Dinolfo said, “The Eastman Reserve is a wonderful addition to Monroe County and exemplifies the continued resurgence of Eastman Business Park, which is now attracting even more jobs and investment to our area. I thank Pathstone, NYS Homes and Community Renewal, and all of our local partners for helping to make this job-supporting project possible.”
City of Rochester Mayor Lovely A. Warren said, “Eastman Reserve is a wonderful new development that will provide a better quality of life for many of Rochester’s residents. Thanks to the investments of New York State and Governor Cuomo through Finger Lakes Forward and our excellent private sector partner, Pathstone Development, we are creating high quality, affordable housing opportunities, which creates jobs, safer, more vibrant neighborhoods and better educational opportunities.”
Stuart Mitchell, President/CEO of PathStone Corporation said, “The Eastman Reserve is on the cutting edge of growth within EBP. We, at PathStone, are very excited to have been selected by EBP to create the first multifamily housing community in the park. The burgeoning business growth in the park is creating reliable jobs for city and county residents. Additionally, The Eastman Reserve will provide high quality affordable homes for city residents. As the EBP repositions the legacy of Kodak by creating economic and housing stability, we foresee promising opportunities for future generations of Rochesterians.”
Dolores Kruchten, President, Corporate Real Estate and Eastman Business Park Division and Vice President, Eastman Kodak Company said, “The Eastman Reserve is a key component of the Live, Learn, Work, Play vision for Eastman Business Park. This new development will bring almost 200 new families to the area, helping to support local businesses and providing modern, attractive housing to people who want to walk or bike to work in the Park. The Eastman Reserve will be completed around the time Monroe Community College launches the Finger Lakes Regional Workforce Development Center, I can imagine people living there while training for an in-demand technical career. PathStone is a wonderful partner for this project and we expect them to achieve great success.”
David Walsh, Northeast Regional Manager, Community Development Banking, Chase said, “Affordable housing is vital to building inclusive communities and The Eastman Reserve will provide needed housing, as well as supportive services to Rochester area residents. Our Community Development Banking team is proud to support PathStone on bringing this project to life.”
PathStone Corporation is working in conjunction with Christa Construction LLC, NH Architecture, Marathon Engineering, EC4B, Jensen Engineering, Sustainable Comfort, Inc., and Flaherty Salmin CPAs to complete this exciting development.
The Eastman Reserve is scheduled for full completion Spring 2020, with a phased lease-up expected to begin in late 2018 for units that are completed early. People interested in leasing the units should contact PathStone Property Management at 585-546-6340 Extension 212 and request to be put on an interest list.
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