A large development is planned at Canal Ponds Office Park in Gates.
The $24 million, 21-acre, canal-side project would be called Gateway Landing and feature 168 “luxury” apartments and some retail. This would be the first of three phases. The developer is Morgan Management.
“Certainly it will create jobs, just the construction piece of this alone. In addition it will help develop the area. There is a small retail component. There is a phase two and phase three to the project that will bring more commercial development to the area,” said Gates Town Supervisor Mark Assini. “Part of the agreement is we will have public access to the waterfront.”
The project is applying for tax breaks with the County of Monroe Industrial Development Agency.
Gateway Landing would get tax abatements worth $2.4 million over 10 years. The county estimates the benefit in sales and income taxes and payments in lieu of taxes will be $7.1 million.
The number of construction jobs created is estimated at 223. The number of permanent jobs is nine. Only one job is required by the PILOT.
Assini sees the project as a major step in the development of the canal-front. There’s no doubt it will bring in additional revenue and residents to the town. But should taxpayers be subsidizing luxury apartments in the suburbs?
“This is an area that needs upscale housing to bring growth and stability to the west side. We want to plant a seed for that area so that we see some growth. There’s enough acreage there to see development along the canal,” said Assini. “There’s nothing there right now. There’s no revenue other than the taxes on the property.”
The two documents below are COMIDA’s cost-benefit analysis of the project and renderings and maps.