
New Construction and Preservation Project at Park Square II Brings 240 Modern Apartments to Inner Loop
Completes Two-Phase Plan To Redevelop Park Square Housing Campus
Governor Kathy Hochul announced the completion of Park Square II, a $119 million affordable housing development, which now provides 240 modern and energy-efficient apartments near the Inner Loop in the city of Rochester. The redevelopment of Park Square I was completed in 2022 and included the rehabilitation of 335 affordable apartments. Between both completed phases, the development has preserved or created 576 affordable homes near Downtown Rochester. Under Governor Hochul’s leadership, New York State Homes and Community Renewal (HCR) has created or preserved more than 11,500 affordable homes in Monroe County, including more than 4,700 in Rochester. Park Square II continues this effort and is part of Governor Hochul’s $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide.
“The completion of Park Square Community marks a historic investment in affordable housing in Rochester,” Governor Hochul said. “Having nearly 600 modern and affordable homes in the heart of Rochester is a boon to the current and future residents with access to all the area has to offer. We thank Conifer Realty and our local partners for sharing our vision and working with us hand-in-hand to make this important project a reality.”
Developed by Conifer Reality, Park Square II is affordable to households earning up to 60 percent of the Area Median Income and provides a mix of studio, one and two-bedroom units. The project includes the preservation of a 200-unit, 21-story building known as “The Tower @ Park Square” and the new construction of a 40-unit building.
Both buildings will have electric heating and cooling, with ENERGY STAR fixtures and appliances. They will include indoor community spaces, outdoor areas and a fitness room. The project is located near public transportation, an Amtrak station, as well as several retail, healthcare, educational and recreational opportunities.
The project will include fully accessible and adaptable apartments. There are 12 units to accommodate residents with mobility disabilities and six units to accommodate residents with sensory disabilities.
The Park Square housing complex was originally constructed in 1974 under the New York State Mitchell-Lama Program, which was established for the development of affordable housing, both rental and cooperatively owned, for moderate-income New Yorkers.
Park Square II is supported by HCR’s Federal Low-Income Housing Tax Credit program, which is expected to generate $44 million in equity, its State Low-Income Housing Tax Credit program, which is expected to generate $3 million in equity, $41 million from its Multifamily Preservation Program, $16 million from its New Construction Capital Program, and an additional $7 million in permanent tax-exempt bonds. The city of Rochester is supporting the project with $500,000 through its ARPA program. There are 150 units receiving Section 8 project-based vouchers administered by HCR.
