One of the country’s largest developers of multifamily housing will receive nearly $3 million in tax breaks to buy and renovate four large affordable housing complexes in Amherst.
The Related Companies – controlled by Miami Dolphins owner Stephen Ross – intends to buy the four developments, which date back as far as 1946, in a series of transactions totaling $155 million, records show.
Related plans to invest up to $50,000 per unit on renovations that should begin this fall and take up to 18 months to complete at the Princeton Court Apartments, Parkside Houses Apartments, Brewster Mews Apartments and Oxford Village Townhomes. Current owner M.J. Peterson Corp. will remain a 50% owner and continue to manage the properties.
Amherst Industrial Development Agency officials say the projects preserve roughly 1,000 units of affordable housing in the town for the next 30 to 40 years. The IDA board approved the incentive requests on July 16. Related also is seeking a payment in lieu of taxes agreement from the Town of Amherst.