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City grant, loan aid redevelopment on Vick Park A

Rochester Business Journal
December 20, 2013

A Rochester-area real estate agent is developing a building in the city with the help of a grant and low-interest loan approved by City Council this week.

Mark Siwiec, with Nothnagle Realtors, is renovating 45 Vick Park A. His plans for the building include transforming 29 rooms into 10 to 12 one-bedroom and studio apartments. He estimates the renovations will take roughly six months and expects to rent the units in September.

Siwiec purchased several Vick Park A properties in March 2012.
 
Over the past 18 months he has renovated one of the buildings, 47 Vick Park A, which now has six one-bedroom apartments. Siwiec also recently led the renewal of 43 Vick Park A, with five of 10 units completed.

Siwiec received a $115,000 grant and $285,000 low-interest loan. He paid $1 million for the three properties.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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