Conifer Realty and CPP Unveil $335M Revitalization Plan for Rochester’s Andrews Terrace
In a move set to reshape the downtown skyline, Conifer Realty, renowned for their dedication to high-quality affordable housing, in collaboration with Community Preservation Partners, has announced a momentous renovation initiative targeting Rochester’s historic Andrews Terrace. Catering to seniors, disabled residents, and their families, the revitalization project addresses the urgent need for affordable housing—a pressing issue that resonates with communities nationwide.
Representing the essence of what it means to reinvest in community spirit and functionality, the refurbishment of this iconic 526-apartment complex enhances not only the living conditions for its residents but also honors the architectural significance of the brutalist structures that have served the city since 1975.
The project is not only ambitious in its scope but in its financial underpinnings. With an impressive investment climbing to $335 million, the restoration is set to actualize with contributions from influential financial entities: $135.6 million of Federal LIHTC Equity courtesy of KeyBank CDLI and Goldman Sachs Asset Management’s UIG, a sizable $200 million construction loan, and historic tax credit equity brought forward by Chase Community Equity amounting to $37.2 million.
Revealing the transformative capacity of such investments, Scott Maxfield of Goldman Sachs Asset Management’s UIG, encapsulates the project’s significance: “We are excited to partner with Conifer Realty and Community Preservation Partners to revitalize Andrews Terrace, which provides a critical supply of affordable housing to Downtown Rochester. Our investment will help existing and new residents access safe, affordable housing and critical on-site services. We look forward to the lasting impact on the community of this next chapter in Andrews Terrace’s nearly 50-year history.”
Conifer is not alone in their commitment to fostering sustainable communities. KeyBank stands as a testament to financial institutions’ potential to contribute decisively. Their National Manager, Rob Likes, emphasizes their dedication: “KeyBank has had a steadfast commitment helping the clients and communities we serve thrive. We are deeply committed to helping underserved populations and are proud to partner with Conifer Realty and Community Preservation Partners to renovate, safe and decent affordable housing for seniors and disabled residents.”
The Andrews Terrace renovation is poised to seamlessly integrate with Rochester’s ROC the Riverway Program, embodying the broader vision of stitching together the city’s waterfront with progressive development projects.
Residents can anticipate comprehensive upgrades in their homes, with kitchen and bathroom renovations and several apartments meeting ADA compliance. Community enhancements include a garden, a grandparents’ playground, a seating and barbecue area, and even bocce ball courts—showcasing a holistic approach to the modern living experience.
Though the project spans 32 months, Conifer ensures minimal disruption to residents, embodying their values of responsibility and care. As Conifer’s Senior Vice President Jason Carroll articulates, the partnership with CPP exemplifies a “commitment to providing quality affordable housing and fostering sustainable neighborhoods that enhance the Rochester community.”
As we witness the dawn of Andrews Terrace’s renaissance, it’s a poignant reminder of the power of strategic partnership and investment in safeguarding and elevating the lives within our communities.