Some eight months after breaking ground, the five-story Gramercy development along East Cherry Street has topped out.
A 45-unit apartment complex is rising along East Cherry Street, reaching the third story of a planned five-story development.
Fencing surrounds three East Cherry Street buildings that could be demolished as early as next week.
Demolition of a string of East Cherry Street buildings could begin by the end of the month, making way for construction later this year of a 45-unit project called The Gramercy.
The developer of a 45-unit project aims to begin demolition of existing buildings along East Cherry Street by next month to allow construction to begin before winter.
A proposed PILOT for The Gramercy would stipulate an annual fee of $78,000, about twice as much as the properties currently generate in taxes but about $100,000 less than what the completed project might pay.
The developer of a 43-unit East Cherry Street project has requested a 30-year Payment In Lieu Of Taxes (PILOT) to be considered by City Council.
The Redevelopment Agency last month unanimously adopted a resolution (6-0) approving a redevelopment agreement with R2-N2 Properties, which has approval to build a 45-unit complex along a stretch of East Cherry Street currently occupied by several storefronts.
Continue reading Gramercy redevelopment agreement approved