The Finger Lakes Regional Land Bank is working to figure out what’s next for an historic property in Waterloo.
The Land Bank has released a Request for Proposals for the purchase and redevelopment of the Judge J.K. Richardson House located at 101 Virginia St. in the village of Waterloo.
Officials say it’s a unique opportunity within the village for rehabilitation of a severely distressed but locally prominent historic home.
The Land Bank is seeking proposals that demonstrate experience in historic preservation, as well as the ability to finance the much needed work.
The Land Bank is willing to transfer the property for a nominal price if an applicant can demonstrate that they have a viable financing strategy to complete the project.
The full RFP package can be found by clicking here. Applications are due by Friday, May 28, 2021 by email.
The Land Bank acquired the property in 2018 from a private party with the intention of stabilizing the structure. They funded the purchase and stabilization work with a grant from the Local Initiatives Support Corporation, Inc. The Land Bank also received a grant from the Land Mark Society of WNY to study the feasibility of a full rehabilitation of the historic home.
In order for a project to be economically viable, the Land Bank believes that apartments producing revenue may be necessary. The Land Bank received a zoning variance for up to four apartments from the Village of Waterloo.
The Land Bank worked to make the property more marketable by absorbing some of the initial costs of development including the removal of over 7.5 tons of garbage and debris from the property; the demolition of a collapsed garage; and the removal of trees and grapevines that had overtaken the home. The Land Bank also received from the Village of Waterloo a zoning variance to allow for four apartments. The assessed value of the property was also reduced to $25,100. The property is not currently listed individually or as part of a district on the National Register.
The home was constructed by Judge J.K. Richardson in the early 1850s. Judge Richardson was a prominent local lawyer and county judge that was active in the Republican Party. The house itself was originally constructed in the Italianate Style with the wrap around porch believed to be added in the 1870s. The Mansard Roof is one of the few examples in Waterloo.
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