Hutton Development is planning to buy the bank branch at 727 Poyntz Ave., tear it down and build a new building that includes retail space on the ground floor and residential space on the floors above.
Hutton Development will present details of the project and financial requests to the commission. City officials said part of the request includes a 10-year property tax abatement in addition to a sales tax exemption on construction materials, which is estimated to be a $549,000 benefit. The developer is also requesting that the city pay half of the costs associated with public street improvements on Poyntz Avenue, which are estimated at $325,000.
