The city’s overall assessed value was largely unchanged last year, with some marginal decreases in some classes and the largest drop coming in Commercial assessments, which were down less than 2 percent.
The Redevelopment Agency approved a redevelopment agreement with developers of the Center Circle site on Main Street that would pay a fee of $1,750 per unit, contingent on a 30-year Payment In Lieu Of Taxes (PILOT) agreement to be voted upon by City Council tomorrow night.
Soil remediation began last week on a downtown site where a five-story, two-building, apartment complex is planned.
Some eight months after breaking ground, the five-story Gramercy development along East Cherry Street has topped out.
Two of the largest property sales downtown have occurred in the past year (Center Circle and Watt Hotel) but it would seem there’s an uptick in the number of sales of downtown properties, large and small, in the past two years. Continue reading Uptick in downtown property transactions?
The Center Circle property on Main Street, which gained Planning Board approval in January for a 219-unit development, sold for $5.285 million.
Closing on the Center Circle property could come as early as this month, eventually making way for a five-story development on the Main Street site that received approval early this year.
Redevelopment is inching its way across the river from downtown, with a second concept plan proposed for the area: a 40-unit complex on Monroe Street.