GCEDC board approves assistance for Pembroke mixed-use project
The Genesee County Economic Development Center (GCEDC) Board of Directors approved a final resolution for financial assistance for a mixed-use development which will include six market-rate units in the town of Pembroke at its board meeting on Thursday, October 7, 2021.
The $1.7 million project by J&R Fancher Property Holdings LLC includes the construction a 14,000 sq. ft. two-story building on 2.6 acres at the 67-acre Buffalo East Technology Park. There will be a 7,000 sq. ft. flexible layout for commercial tenants on the first floor and the six 1-bedroom and 2-bedroom apartments on the second floor. The project is located adjacent to Yancey’s Fancy’s facilities on Brickhouse Drive.
J&R Fancher Property Holdings LLC will receive $254,336 of financial assistance that includes sales, mortgage, and property tax abatements. The project is estimated to create a $4-to-$1 return on investment for Genesee County in addition to increased commercial and residential benefits in the town of Pembroke. A public hearing on the proposed agreement was held on October 5, 2021.
“We continue to build a critical mass of infrastructure, including housing at the intersection of Routes 5 and 77 in Pembroke which is an important thoroughfare in Genesee County with easy access to the New York State Thruway,” said GCEDC President and CEO Steve Hyde. “This growth in turn is generating new jobs, private sector capital investment and revenues for our local government partners.”