The University of Rochester closed on the purchase of College Town on Monday, paying $51.5 million for the 14-acre mixed-used development along Mt. Hope Avenue near the River Campus.
Christened in 2014, College Town includes retail, residential and office space, a parking garage and a Hilton Garden Inn hotel. All buildings were included in the transfer except the hotel, which is owned by DelMonte Hotel Group of East Rochester.
The U of R said it intends to transform College Town into a gateway to the campus and medical center, which are less than a half-mile away down Elmwood Avenue.
The transfer of the nine properties, as well as lease agreements with current retail tenants, were filed with the Monroe County Clerk’s office on Monday. The school made the purchase through its newly formed real estate entity, Meliora Development Co. LLC.
The university acquired College Town from CT Rochester LLC, a partnership between Gilbane Development Co. of Providence, R.I., and Fairmount Properties of Cleveland. Gilbane and Fairmount were the developers and current operators. The developers leased the land from the University of Rochester to create and operate College Town.
Among the businesses leasing space in College Town are Barnes & Noble, CVS Pharmacy and Beerhead Bar & Eatery. There also is a 154-unit apartment community, Mt. Hope Lofts, which includes 10 units designated as affordable.
“With our purchase of College Town, we aim to build a greater sense of community and connectedness for students, employees, patients, visitors and neighbors,” university president Sarah Mangelsdorf said in a news release from the school last week. “The university’s new strategic plan and a planned update to the institutional campus master plan launching later this year will provide opportunities to reimagine how the development fits into university life.”
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