2025 recap: Revivals abound on Rochester business landscape

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Were Mark Twain alive to look back at the happenings across the Rochester business scene in 2025, he’d quite likely have one prevailing thought:

Reports of a demise were greatly exaggerated.

Here’s a look back at some of the top stories from the year, starting off with those tales of revival.

♦ Eastman Kodak Co. was left for dead by national investment experts after reporting in August a 2^nd quarter loss and plans for a pension asset reversion.

But lo and behold, four months later, the venerable Rochester firm announced the shuffling of assets resulted in a significant reduction in loan debt, a sizeable increase in cash on hand and a yearly high in stock price.

This all came on the heels that Kodak’s new $20 million manufacturing facility in Eastman Business Park would be operational early in 2026.

“As part of our long-term plan, this transaction reduces our debt and ongoing interest expense, freeing us to devote our energies to unlocking the full potential of our company and creating value for our employees, shareholders and customers,” CEO Jim Continenza told shareholders.

♦ Bausch & Lomb’s stature has declined in recent years but the 172-year-old company, founded in Rochester and now headquartered in metro Toronto, is poised for a revival. Revenue for 2025 will be between $5.05 billion and $5.15 billion.

New (and old) CEO Brent Saunders told investors in November that he intends to build not the biggest but rather the best eye health company in the world. Part of his plan involved identifying top R&D talent — internally and externally — to create products that improve eye health.

The manufacturing facility at 1400 North Goodman St. in Rochester will be part of a strategic vision that includes “Project Halo,” a bioactive technology platform for contact lens that enhances moisture and comfort. Launch is expected in 2028, followed by the introduction of three additional silicone hydrogel products in 2029, according to Vice President of Vision Care R&D Bryan Reed.

♦ When Toronto-based Li-Cycle Holdings Corp. declared bankruptcy in May, hopes for completion of the massive, innovative lithium-ion battery resource recovery plant at Eastman Business Park were in serious jeopardy.

Trumpeted by local and state political leaders as integral component in the electric vehicle infrastructure sustainability chain when the facility was announced in 2022, Li-Cycle shuttered construction in October of 2023 when construction costs soared. So much for 250 new jobs.

However, Glencore, the global commodities trading and mining company, bought Li-Cycle’s assets out of bankruptcy and soon after told the County of Monroe Industrial Development Agency that it was full speed ahead with project, even with revised construction costs approaching $1 billion.

The promise to COMIDA in August was encouraging, but then Glencore backed up those words in November by paying off $44 million in delinquent construction bills left behind by Li-Cycle.

While Glencore officials still have not commented on plans for what Li-Cycle had called the Rochester Hub, it seems safe to assume paying off the construction liens is a sign of intent to move forward.

♦ A decade after developers announced Bass Pro Shops would be coming to Victor, then failed to produce on the promise, the town of Victor made it happen.

To do so, the town used eminent domain in August to seize the former Lord & Taylor anchor property at Eastview Mall, then coordinated with mall owner Wilmorite Management Group, LLC, to lure the nationally prominent sporting goods retailer.

In justifying the use of eminent domain and the at least $3.9 million payout to the property owner, Town Supervisor Jack Marren said, “The addition of Bass Pro not only revitalizes a key retail space at Eastview Mall but also strengthens our reputation as a top destination for shopping and leisure. We are excited about the economic impact and increased foot traffic this will bring to this area.”

The former property owner, HBC Victor LLC, accepted the town’s payout offer but retained its right to go to court for additional compensation for a building that has been vacant since 2021.

♦ Clinton Square has been one of downtown Rochester’s finest office buildings since the late Norman Leenhouts christened the building in 1990. But its future was clouded when Wells Fargo Bank N.A., the trustee for a consortium of lenders, foreclosed on the mortgage in March of 2024.

To the rescue came Riedman. The Rochester-based development company made the best offer — $11.5 million — for the property in October and intends to turn the upper seven floors of the 14-story building into a little over 100 residential units. The remainder of the building will remain office and commercial space.

“Not all buildings work well for conversion, but this building does,” Riedman president David Riedman said. “Plus, there is available outdoor space on the 13^th and 14^th floors, so there are great possibilities for amenities.”

The office-to-residential conversion continues to be a downtown theme. Riedman transformed the long-vacant Neisner Building at 49 East Ave. into The Neisner at East End, a residential building with 54 units of workforce housing.

Just down the street, at 120 East Ave., Syracuse-based Redev CNY will convert the abandoned Rochester Club into a first for the city: 33 for-sale workforce condominiums. And about five blocks away, conversion of the Gateway Building at 150 East Main St. into 129 affordable apartments is underway by Buffalo-based SAA|EVI.

♦ Not all comeback stories had a happy ending in 2025, however. The landmark Crescent Beach Restaurant property on Edgemere Drive in Greece is still vacant and now stuck in the middle of civil and federal legal proceedings as well as a petition for summary judgment by a lender.

Pittsford restaurateur Katherine Mott-Formicola had bought the Crescent Beach building and surrounding properties with the intent to recreate the once-cherished dining establishment.

But her plans — and her hospitality empire — were vaporized when Five Star Bank uncovered an elaborate check-kiting scheme. While the bank continues its efforts to recover $19 million in losses, Mott awaits a scheduled March sentencing in federal court on her guilty plea to financial institution fraud and money laundering.

A proposed sale of Crescent Beach to Greece developer Wegman Companies fell through in October.

Philanthropy defined

Tom Golisano’s lifetime charitable giving surpassed $1 billion in October when he created the Golisano Children’s Alliance, an endeavor that unites into one network 12 hospitals that specialize in pediatric care.

The project includes Golisano Children’s Hospital at the University of Rochester Medical Center and allows for expanded collaboration among doctors and researchers, ensuring the best treatment for patients.

He’s hardly finished, however. Another 40 hospitals have been targeted for inclusion in the network.

“Few things have brought me more pride and fulfillment than investing in children,” Golisano said.

Two became one

The four Rochester-area branches of Evans Bank became part of the NBT Bank portfolio in May, when the $236 million merger was finalized.

NBT now has 175 branches across a seven-state footprint with roughly $16 billion in assets.

“NBT Bank is a strong, stable community bank that has served New York State for nearly 170 years,” NBT President Joe Stagliano said.

Wealth management consolidation wave

What has been a national trend of consolidation of wealth management firms hit Rochester through three significant deals in 2025.

• Cobblestone Capital Advisors and its $3.1 billion in assets joined forces with national investment advisory firm CAPTRUST Financial Advisors, which is headquartered in Raleigh, North Carolina.

“Joining CAPTRUST not only strengthens everything we’ve built for our clients but also expands what’s possible for our future,” Cobblestone CEO John DiPasquale said.

♦ ESL Federal Credit Union acquired Alesco Advisors LLC, which had more than $6 billion in assets under advisement. Alesco has retained its name and Pittsford location.

“Together we are positioned to create even stronger outcomes for the individuals, families, nonprofits and businesses we serve,” Alesco president and CEO Jim Gould said.

♦ Kansas-based Mariner acquired Rochester’s Forté Capital, which had around $1.6 billion in assets under advisement.

“For more than 25 years we’ve built Forté Capital around the idea that sound financial guidance should evolve with our clients,” Forté managing director David Henion said. “Joining Mariner allows us to leverage scale and deepen client relationships.”

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