The owner and developer of the Sibley Building will get $42.5 million in federal New Markets Tax Credits needed to start the first $110 million worth of renovations for the redevelopment of the building downtown.
The work is slated to begin in February. Boston-based WinnDevelopment LLC is the project developer.
The 1.1 million-square-foot, 12-story commercial building sits on 3.27 acres of land at East Main and Franklin streets.
The $110 million phase of the project includes the redevelopment of the sixth floor for the new High Tech of Rochester Inc. business incubator, and floors one and two for mixed-use commercial and retail space for new businesses, shops, a restaurant and other improvements.
“This $42.5 million in New Markets Tax Credits will help redevelop this long-neglected building along Main Street in order to create an innovation hub and center where people want to live, shop and do business once again,” said Sen. Charles Schumer, D-N.Y., at a press conference announcing the funding Tuesday.
The tax credit will yield some $10.5 million in direct investment to create the mixed-use development, Schumer’s office said.
WinnDevelopment, the real estate arm of WinnCompanies Inc., purchased the property in late 2012.
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