NewsJun 14, 2016
WinnDevelopment Breaks Ground on Sibley, Creating the Heart of Rochester's Innovation Zone
Renovation to add Retail, Office, Luxury Apartments and Active Senior Living to Create a Mixed-Use High-Tech Center
ROCHESTER, NY (June 14, 2016) –WinnDevelopment and GDD Properties announced today the companies have broken ground on the redevelopment of nearly 500,000 square feet of Sibley Square. The $200 million project broke ground on the major $100 million phase of the development that includes the construction of 96 modern luxury apartment homes on the 9th through 12th floors, retail on Main Street, office space in the mid-rise, active senior living apartment homes, and a complete rehabilitation of the entire façade and windows of the building.
As the building undergoes this significant transformation, so too has its name. The new Sibley Square name focuses on the square atrium around Sibley’s iconic clock where people have been gathering for over a hundred years. The square will be home to boutique retail and local artisan food products, creating a dynamic urban marketplace. The name and logo will be changed on all of the signage in the coming weeks.
"The public-private partnership between WinnDevelopment and New York State is a model for the Governor's approach to revitalizing our regional economies,” said Lieutenant Governor, Kathy Hochul. “The Sibley Building represents the entrepreneurial vision that fueled Rochester's past success, and it will once again be at the center of innovation and our effort to move the Finger Lakes forward. This is a true milestone in the history of a great building and a great community once again poised for growth and opportunity."
Construction on the top floor of the building, once home to the Tea Room of the Sibley Department Store, is already underway. Once completed, the floor will become the headquarters for High Tech Rochester’s Finger Lakes Business Accelerator Cooperative, an incubator for high-tech start-up companies that is expected to generate more than 1,000 new jobs within its first five years of operation.
“We are thrilled to take this leap forward in a project that will restore energy and economic development to the region’s most beloved building,” said Gilbert Winn, Chief Executive Officer at WinnCompanies. “With Class A office space and luxury apartments, the new Sibley Building is transforming into the innovative center for office, retail, and housing while maintaining its historic character.”
The Sibley Building, which earned a spot on the National Register of Historic Places in 1984, was purchased by WinnCompanies in November 2012. The iconic fixture in Rochester's skyline is comprised of a six-story main building with a distinctive 12-story tower and encompasses over 1 million square feet.
Now available for leasing is 75,000 square feet of retail space and 400,000 square feet of office space in the iconic building. Interested retail and office tenants can now contact John Rogers at Pyramid Brokerage, 585-248-9426. Those interested in living in the newly created modern luxury rental units, featuring soaring views and an unparalleled amenity package, should contact the Sibley Leasing office at WinnResidential at 585-546-1711 to be placed on the waiting list.
WinnCompanies is an award-inning national real estate company dedicated to the highest standards of excellence. Through its companies, WinnDevelopment, WinnResidential and WinnMilitary, WinnCompanies acquires, develops and manages multifamily, affordable, senior, mixed-income, market rate and commercial properties. Founded in 1971 and operating in 23 states, it is the largest manager of affordable and military housing and the fifth largest multi-family housing manager in the United States. www.winncompanies.com