Developer of senior housing granted $1.4 million in tax breaks
Work could begin next month on the $13.1 million conversion of an Amherst residence for nuns into senior housing after the project won tax breaks requested by the developer.
The Amherst Industrial Development Agency board on Friday voted 7-0 to grant $1.4 million in property, sales and mortgagerecording tax breaks to Tzetzo Cos.’ Fredonia Place of Williamsville.
The developer plans to buy the St. Mary of the Angels regional house at 201 Reist St. and perform interior work to boost the number of units from 73 to 99, opening it up to lay residents while allowing the current residents to stay.
The Town Board in February approved the required rezoning, after repeatedly delaying a vote in the face of neighborhood opposition. The developer agreed to restrictions on future development at the site.