In 2023, CPP acquired Andrews Terrace, an iconic affordable housing development located along the waterfront of downtown Rochester, NY. Built in 1975, Andrews Terrace consists of 526 units, with a mix of studio, one-, and two-bedroom apartments across two high-rise towers connected in 2007. The property serves senior residents (62+) and disabled individuals. Over time, Andrews Terrace faced significant capital repair and maintenance challenges that the previous owner could not address through its operating budget alone. Without intervention, the property risked deteriorating further, impacting the quality of life for residents and the long-term viability of the development. Additionally, due to deteriorated masonry, the City of Rochester had rescinded the original certificate of occupancy, condemned the balconies and required sidewalk protection along with the closure of courtyard to protect residents and the public from falling masonry. The project required extensive renovations and updates, while maintaining the original character and architectural integrity to ensure eligibility for state and federal historic tax credits. CPP and its partner Conifer Realty (Conifer) also worked with the City not only to reissue certificates of occupancy but also to align with the broader goals of Rochester’s “ROC the Riverway” program—a unified plan aimed at transforming the Genesee River corridor.
To preserve Andrews Terrace and enhance living conditions for its residents, CPP and Conifer, devised a comprehensive renovation plan, backed by a complex financial structure totaling $335M. KeyBank, with direct investment by Goldman Sachs, provided $135.6M in Low-Income Housing Tax Credit (LIHTC) equity and a $200M taxable construction loan and a $163M private placement, tax-exempt construction loan. Permanent financing was secured with a $73.1M tax-exempt loan from KeyBank through Fannie Mae’s MTEB program as well as $37.2M in Historic Tax Credits provided by JP Morgan Chase. This intricate financing allowed CPP and Conifer to fund the necessary renovations while maintaining affordability and securing a 20-year renewal of the project-based Section-8 contract.
The renovation of Andrews Terrace is set to transform the property, bringing it up to modern standards while preserving its affordability for current and future residents and its historic uniqueness to downtown Rochester and the Genesee Crossroad Historic District in which it resides. Besides masonry restoration of the façade, balconies, and breezeways as well as a complete rebuilding of the historic courtyard to the original specifications (to allow for waterproofing of the structured parking garage beneath), the property will benefit from an expansive scope of work. Key unit upgrades include new kitchen countertops, appliances, and cabinetry, along with bathroom refurbishments. The project will also bring 5% of the apartments into ADA compliance. Common areas such as the lobby, community room, and parking garage will be renovated, and new amenities like a community garden, grandparents’ playground, and bocce ball courts will be added. Critical infrastructure improvements include upgrades to the elevators, electrical and plumbing systems. Additionally, windows and select doors will be replaced. Upon completion, Andrews Terrace will not only meet current housing needs but also contribute to the revitalization of downtown Rochester. The project’s long-term impact will be the preservation of 526 affordable housing units for seniors and disabled residents, ensuring they have access to safe, quality housing for years to come.
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