About the Project
Developed through Urban Renewal programs in the 1970’s, the 120,000 square foot Fairport Landing shopping center had served as a key component of the Village’s commercial corridor. Due to shifting retail trends and lack of investment, the property was experiencing significant vacancy.
The new owners, Fairport Landing, LLC, recognized the need for a significant investment to renovate and upgrade the property to attract new tenants. As proposed, the $1.5 million investment would include significant upgrades to the appearance and structural elements of the property such as signage, lighting, windows, columns, and facades.
However, that undertaking needed to be done in a cost-effective manner that would yield acceptable returns for the risks the project carried. A custom PILOT agreement with sales and mortgage tax exemptions was negotiated with the Fairport Industrial Development Agency, mitigating the risks and providing a period of stabilization for the project.
Collaboration with developers with the shared goal of enhancing a signature property in the heart of the Village of Fairport.
Completed in 2020, the project created a more open and contemporary appearance that has attracted additional commercial and retail tenants who did not previously serve the village. The multi-use space is also ideal for professional and technical firms looking for a new home in the region.