The developers of the Sibley Building downtown said Tuesday afternoon they have closed on $71 million of financing that will kick off construction and redevelopment of nearly 500,000 square feet of the structure downtown.
The portion affected includes 96 market-rate apartment units on the ninth through 12th floors, retail on East Main Street, office space in the midrise, and a complete rehabilitation of the facade and windows of the building.
Closing on the financing also marks the start of leasing 75,000 square feet of retail space and 400,000 square feet of office space in the building, WinnCompanies Inc. said.
“We are excited to take another big step forward in re-inventing the region’s most important building as a modern hub for housing, retail and innovation,” said Gilbert Winn, WinnCompanies CEO, in a statement. “Developing Class A office space and creating new luxury apartments will further complement the modernized lobby and established high-tech tenants that are already bringing renewed energy to downtown Rochester.”
Construction is underway to convert the top floor of the building, once home to the Tea Room of the Sibley Department Store, into the headquarters for High Tech Rochester Inc.’s Finger Lakes Business Accelerator Cooperative. The incubator for high-tech startups is expected to generate more than 1,000 jobs during its first five years.
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