MAYOR ROBERT PALMIERI ANNOUNCES SALE OF FORMER RITE AID BUILDING
Marks the 10th City Owned Downtown Property Sold to Private Developers in Mayor’s Tenure
Mayor Robert Palmieri today announced the completed sale of the Rite Aid Building, located at 167 Genesee Street to Christine Martin, President of FosterMartin Interactive Marketing, located in south Utica.
The City’s Urban Renewal Agency approved the purchase offer on September 9th for $20,000 and the sale was finalized by a unanimous vote of the Common Council on November 2nd.
The first phase of the project calls for rehabilitating the bottom two floors for commercial use with an initial investment of just under $250,000.
Today’s announcement marks the 12th major commercial property the City of Utica has sold to private developers in the past five years, ten of which are located in the downtown/Baggs Square corridor.
The downtown properties alone have combined for over $1 million in sales; put nearly $6 million of assessed properties back on the tax rolls and yielded over $34 million in private investment.
- Rite Aid Building (Sold to Christine Martin)
- New Century Building (Sold to Bowers Development, LLC)
- Security Building (Sold to Bowers Development, LLC)
- Whitesboro Street Property (Sold to MSP Realty, LLC)
- 520 Seneca Street (former HSBC Building, now Landmarc Building)
- 181 Genesee Street (former Harza Building, now Clark City Center)
- 310 Broad Street (former ConMed Building sold to Baggs Square Partners, LLC & Crane- . Ballou)
- 205 Water Street (former Dickie Frank Building, now A & P Master Images)
- 470 Whitesboro Street (former Cosmopolitan Center, sold to Tony & Frank Cristiano)
- 171 Genesee Street (Former Catholic Book Store Building, sold to Foster-Martin)
Mayor Palmieri stated, “I thank Christine for her vision, investment and belief in Utica. As a team, we’ve successfully marketed downtown Utica and significantly expanded our tax base while leveraging millions of dollars in private investment to create new jobs.”
