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.
(c) 2015 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail firstname.lastname@example.org.