Sibley Building to be sold, redeveloped
Posted at: 08/31/2012 12:55 PM | Updated at: 08/31/2012 1:15 PM
On Friday, Rochester Mayor Tom Richards announced he plans to submit legislation to City Council that would allow for the sale of the Sibley Building.
The legislation would transfer ownership of the Sibley Building to a Winn Development LCC (Winn) company, Sibley Redevelopment Limited Partnership for the purpose of redeveloping the building for use.
Richards said, “It is time we break with what was and move on to what will be. The redevelopment and use of the Sibley Building is vital to our ongoing Downtown revitalization efforts. With the Midtown Rising project in full swing and the development of the Sibley Building about to begin, the anchors of our future City Center are in place."
According to Richards, under the terms of the plan, Winn will buy the property for $5-million. As part of the price, Winn agrees to assume the City of Rochester’s $3.1-million loan to Rochwil Associates L.P. – the current owner of the building.
The sale of the Sibley building is subject to approvals by City Council and COMIDA.