Canandaigua, N.Y. — Mascia Development LLC, a real estate investment firm, has purchased the former Heritage Hall property in Canandaigua, N.Y. for more than $3 million.
The firm, based in New York City with an office in Rochester, N.Y., is investing more than $2 million to renovate the facility. When completed, the newly branded “CampusGate at Finger Lakes,” which is near Finger Lakes Community College, will provide a more affordable and convenient off-campus housing option for FLCC students.
CampusGate at Finger Lakes will feature 112 single, double and triple suites, ranging from $549 to $699 per person, per month. The all-inclusive apartments include utilities, high-speed WiFi, cable TV, fully furnished bedrooms, a 37-inch HD flat-screen television, and kitchen appliances. Other on-site amenities range from a swimming pool and a fitness center, to a movie room and a newly resurfaced basketball court.
Mascia Development is offering nine-month leases for FLCC students, and more than 70 percent of the rooms already have been leased for the upcoming school year.
After the $2 million upgrades. “Mascia Development is excited to give FLCC students a brand-new, convenient housing alternative that is more affordable than on-campus housing and that offers numerous advantages over existing off-campus options,” says Mark Mascia, president and CEO, Mascia Development LLC. “CampusGate marks our first major acquisition in the area and exemplifies our company’s strategy to be an active player in the student housing and real estate markets in the Finger Lakes region and across Western New York.”
Mark Mascia noted that his company has partnered with a number of local companies on the project, including the Bank of Castile, HBT Architects of Pittsford, the Whitney East Inc. construction firm, and the law firm of Harter Secrest & Emery.
Construction of CampusGate at Finger Lakes will be completed by July 31 with students moving into units in August. The project currently employs three full-time permanent staff and more than 20 part-time construction workers.