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Alexandrian or East Avenue Inn

County of Monroe IDA (COMIDA)

Built in 1850, the former Colgate College of the Rochester Divinity School was sold to Waldorf Astor in 1929. Astor leased the building to the US Army as barracks until 1947 when the property was acquired by John Jacob Astor who converted the property to rental apartments. Upon Astor’s death in 1964, the property was sold to a succession of owners, and the once proud property fell into total disrepair.

Project Need:
The City of Rochester’s revitalization efforts were hampered by the presence of this significant eyesore at the center of the popular East End district. A major obstacle to the acquisition and renovation of the project was the amount of property taxes the renovation would induce. Full taxation would have made the required repairs economically unfeasible for the developer, thereby impacting their ability to finance the project. The City of Rochester asked COMIDA to consider a package of tax exemption and abatement to induce the project to move forward.

Project Solution:
The County of Monroe Industrial Development Agency (COMIDA) approved a package of sales & mortgage tax exemptions, along with a real property tax abatement for the project. The $7,500,00 renovation project included replacement of major building systems and renovation done in accordance with the Historic Preservation standards. The renovation has brought new life to a faded historical gem and has restored The Alexandrian to it’s former glory.