City of Utica Sells Another Downtown Property to Local Developer for $400K
The City of Utica Urban Renewal Agency has sold another downtown property to a local developer. The final purchase price was $400,000.
The Urban Renewal Agency announced Thursday that the application submitted by Michael Pezzolanella to purchase the former Northland Communications building at 315-317 Court Street has been approved. Utica Mayor Rob Palmieri says, "Mike Pezzolanella has a strong track record in redeveloping vacant properties, attracting businesses and creating jobs. I thank him for investing in our community."
Pezzolanella's proposal for the 40,000 square foot, 4-story building includes renovations to create office space and twenty four upscale apartments on the upper floors. While the building as it stands now only has 6 parking spaces included, city officials say a big factor in the URA's acceptance of the application is the fact that Pezzolanella already owns the parking lot and property adjacent to the Northland building. That will be able to accommodate the parking needed for the intended use.
Palmieri also says, "The city continues to move forward. Our Administration has worked diligently to build relationships with national, regional and local developers. As a result, we are witnessing unprecedented investment and growth throughout our city." By selling this property the city says they are now saving a tremendous amount of money on maintenance and operating costs and will put the property back on the tax rolls.
Pezzolanella says, "We are so excited about the acquisition of this new property and to help contribute to Utica’s continued revitalization." The sale of this property is contingent upon Utica City Council approval.