UR completes purchase of College Town
ROCHESTER, N.Y. — The University of Rochester has completed its purchase of College Town from CT Rochester, LLC. Located in the Mt. Hope neighborhood, College Town — a 312,000-square-foot, mixed-use complex — serves as a gateway to the university’s River Campus and Medical Center campus.
Meliora Development Company LLC, a newly formed affiliate of the university, now owns College Town and is responsible for managing the property and recruiting additional commercial tenants, while also supporting the current business and residential tenants.
College Town features restaurants, services, retail, and Class A office space. It also includes the CVS Pharmacy; a 20,000-square-foot Barnes & Noble, and the Mt. Hope Lofts, which comprise 154 apartments, 10 of which are designated as affordable housing units.
The sale of College Town does not include the 136-room Hilton Garden Inn building on Elmwood Avenue, but the university will continue to own the land on which the hotel is located and lease this parcel to the hotel’s owner. The 10 affordable housing apartments in the complex will remain in place, and Meliora Development Company LLC will continue to make payments in lieu of taxes to Monroe County and the City of Rochester in the same amounts as were paid by CT Rochester.