The incentives were competitively awarded through the US Treasury's New Markets Tax Credit initiative, a federal program allowing community development organizations to raise equity capital from investors and to pass tax credits on to these investors over a seven-year period.
With the tax credits to start with, "we hope to break ground by the end of the year," LCOR senior VP David A. Sigman tells GlobeSt.com. Anchor tenants are already at the table, he says, including an unspecified aviation firm and a state agency.
Designed to keep prospective tenants at the table are a raft of incentives, although the specifics of each need to be ironed out before any papers are signed, Sigman explained. Included in these are breaks that come via the city's relocation program as well as the acreage's status as both an empire zone and a 25-year tax-abatement zone. At their max, the bundled packages could save tenants as much as $29 per foot. This, says Sigman, could lower the overall rental rate "to the mid 20s."
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
