Originally built in 1973, Winton Gardens Towers, formerly known as Cedarwood Towers, is an affordable housing complex in Rochester, NY. Before being acquired by Community Preservation Partners (CPP) and Rochester’s Cornerstone Group for $13 million, the property had a history marked by crime, drugs, and physical neglect. It consists of two 11-story concrete and masonry towers with 206 units. The property faced significant challenges, including high crime rates and deteriorating infrastructure, necessitating a major capital overhaul. This project represented CPP’s first rehabilitation effort in New York, as part of its strategic expansion eastward from its Irvine, CA headquarters.
To address the extensive issues at Winton Gardens Towers, CPP, in partnership with Rochester’s Cornerstone Group, undertook a comprehensive $28.5 million renovation. The financing structure was crucial, including $10.2 million in Low-Income Housing Tax Credit (LIHTC) equity from WNC & Associates, allocated by New York State Homes and Community Renewal. Additionally, JLL Capital provided approximately $26.4 million through the Freddie Mac Tax-Exempt Loan program, while CPP and Rochester’s Cornerstone Group contributed around $2.7 million in owner equity. The renovation featured a full modernization of elevators, new roofs, solar panels, energy-efficient windows, and extensive upgrades to both common areas and individual units. Key enhancements included plumbing, energy improvements including solar, elevator enhancements, security infrastructure, Wi-Fi, LED lighting throughout, accessibility improvements, and new appliances, cabinets, and fixtures. The property’s signature twin LED projection lights were installed to enhance its visual appeal, and a new name, Winton Gardens Towers, was chosen to reflect the revitalized community.
The renovation of Winton Gardens Towers has successfully transformed the property into a vibrant community, relinquishing its reputation. The city now sees it as an example of what they expect with future renovations. The extensive upgrades have significantly improved living conditions in the area, resulting in a substantial reduction in crime and a renewed sense of pride among residents. The recapitalization of the property has also extended its affordability for an additional 30 years, ensuring long-term stability for its residents. The community’s positive response and the commendation from local stakeholders reflect the success of this transformative project.
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