2 Park Square (Block 157/Lot 1.01) on Irving Street was assessed at $6.05 million in 2010 before it was reduced by a third, to $4.077 million. 1 Park Square on Main Street (Block 157/Lot 1.02) originally was assessed at $8.965 million in 2012 and was reduced to $5,766,839 as a result of the settlement.
At 96 units, 1 Park Square on Main Street is about 1.5 times the size of 2 Park Square on Irving Street (63 units), so the assessment should have been comparable -- about 1.5 times that of 2 Park Square, said Joel Schwartz of Landmark Companies, which built the project. "The appeal that settled it brought 1 Park Square in line with 2 Park Square," he said.
In addition to the 159 total units, Park Square includes 205 garage space and eight on-street spaces along with 6,400 square feet of ground-floor retail in the Irving Street building (2 Park Square). The retail space is comparable to about five apartments, Schwartz said.
Park Square's PILOT financial agreement stipulates a payment of 20 percent of the eventual assessment of the built-out project in the first year, rising by 20 percent each year until it reaches 100 percent, which Schwartz said should be 2015. The five-year PILOT, described by Schwartz a more of a phase-in of taxes than a typical PILOT, was approved by City Council in November 2003 and commenced Dec. 15, 2010, once construction was completed on 2 Park Square. Construction of 1 Park Square was completed in April 2012.