The Manhattan City Commission recently discussed a proposed redevelopment project on the current Commerce Bank site at 8th Street and Poyntz Avenue. The current site/building has remained valued at approximately $2.2 million for more than a decade.
According to the City this proposed mixed-use development with commercial and retail space on the first floor (including a future site for Commerce Bank), and three additional floors of 54 one- to three-bedroom residential units, is estimated to be valued at approximately $11 million.
The developer, Hartford LLC, is seeking Industrial Revenue Bonds (IRBs) for the project that would include a sales tax exemption on construction materials and a 10-year property tax abatement of the increased value of the property (meaning the developer would continue to pay property taxes based on the current $2.2 million value of the building during the 10-year abatement period).
The commissioners also discussed participating with the developer with street and parking improvements along Poyntz Avenue as part of the project. The City Commission heard comments from the public and discussed the viability of the project, but no action was taken.