WEDGEPOINT APARTMENTS Rochester, NY

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1 WEDGEPOINT APARTMENTS Rochester, NY

2 South Ave. and Byron St. Corner

3 Byron Street Entrance

4 Design: Overall Site Plan Existing Building Existing Building Main Entry Outdoor Community Space 49 parking stalls Existing Building Existing Building

5 Project Summary 390 South Avenue, Rochester 4-story wood-frame construction 60 units in a mix of 1, 2 & 3 BR s 9 units set aside for ABVI 3 units are fully adapted and 60 units are visitable by a person in a wheelchair Targeted to families earning between 40% and 90% of the Area Median Income Three commercial spaces of sizes: 2,628 ft 2 1,434 ft 2 1,062 ft 2 for a total of 5,124 ft 2 36 one-bedroom apartments; 18 two-bedroom apartments; 6 three-bedroom apartments Community room for tenants Playground and courtyard On-site management office View towards the City

6 Green Building and Sustainability Enterprise Green Communities Standards NYSERDA Energy Star (Low Rise Program) Low VOC Materials that are regional (within a 500 mile radius) and have recycled content Energy Star rated appliances High efficiency HVAC system Indoor and outdoor bike storage 3 rd Floor patio with raised beds

7 Rents and Incomes: Mixed Income Housing 81% Affordable at 60% or Less of Area Median Income 19% Affordable between 61% and 90% of Area Median Income % AMI # of Units % of Total < 30% of AMI 0 0% < 50% of AMI 38 66% < 60% of AMI 10 16% <90% of AMI 12 18% %

8 Rents and Incomes: Mixed Income Housing 1 Bedroom Apartment Rents between $550 and $800 per month Must earn between $23,000 and $46,000 per year 2 Bedroom Apartment Rents between $675 and $985 per month Must earn between $28,000 and $54,000 per year 3 Bedroom Apartment Rents between $750 and $900 Must earn between $33,000 and $63,000 per year NOTE: Rents and incomes are preliminary and subject to fluctuation NOTE: No units are targeted to incomes at 30% and below of AMI (no sliding scale rental units or Project Based Section 8 units)

9 Disposable Income Estimates: Mixed Income Housing Assuming 10% of gross income is disposable 1 Bedroom Apartment (36) Rents between $550 and $800 per month Must earn between $23,000 and $46,000 per year $2,300 - $4,600 per year times 36 units = $82,800 - $165,000 2 Bedroom Apartment (18) Rents between $675 and $985 per month Must earn between $28,000 and $54,000 per year $2,800 - $5,400 per year times 18 units = $50,400 - $97,200 3 Bedroom Apartment (6) Rents between $750 and $900 Must earn between $33,000 and $63,000 per year $3,300 - $6,300 per year times 6 units = $19,800 - $37,800 POTENTIAL INCOME INFLUX: $153,000 to $300,000 INCOME INFLUX OF VACANT LOT: $0

10 Property Operations Property will be professionally managed by PathStone Residential development will create two full-time jobs: on-site property manager and on-site property maintenance Potential applicant screening process includes: income verification, landlord reference checks (prior 5 years), criminal background check, credit check, two personal references Property will be 100% smoke-free Leases will include restrictions related to use of patios & balconies; window coverings provided by owner for uniform look; no exterior decorations/lights/etc. will be permitted; no grills Parking permit system can be implemented, if needed On-site laundry facilities

11 Commercial Space Tenants PathStone will guarantee commercial space costs until commercial tenants secured Plan for Window Space during Lease Up No Tenant has been Pre-Selected Selection Criteria: Financial Feasibility/Strength of Business Plan Unmet Commercial Need for Neighborhood Parking Demand Quantity of Demand & Time of Day Economic Development Opportunity Job Creation 4 jobs created Neighborhood and City Input During Tenant Selection & Evaluation

12 Parking Zoning Requirement = 0 Spaces Goal 60 Parking spaces (one for each unit) ( ) 9 Set aside for residents with vision impairments (+)10 Additional spaces for retail tenants (=)59 Off Street Parking Spaces Planned 53 Spaces on Site (+)10 Spaces on ABVI parking lot (=)63 Spaces Total Additional Considerations 40 Spaces for Indoor and Outdoor Bike Storage Public Bus Stop at Front Door on South Ave. 36 One Bedroom Units

13 Property Taxes Current Property Taxes Paid Annually $3,777 Property Taxes Paid By WedgePoint $46,123 $42,346 net increase to City of Rochester

14 Schedule Design Development March to October 2014 Applications for Financing Oct. 2014/Dec Notification of Financing Dec Construction Start April of 2015 Construction Completion July of 2016 Timeline is preliminary and subject to change