NewsMay 11, 2016
Sibley Building Developers Close on $71 Million in Construction Financing
WinnDevelopment and GDD Properties Begin Signing Leases for Renovated Retail & Office Space, Taking Reservations for Luxury Apartments in Sibley Tower
WinnDevelopment and GDD Properties announced today the companies have closed on $71 million of financing that will kick-off construction and redevelopment of nearly 500,000 square feet of the Sibley Building.
This portion of the phased project will involve 96 modern market rate apartment units on the 9th through 12th floors, retail on Main Street, office space in the mid-rise, and a complete rehabilitation of the entire façade and windows of the building. Officially closing on the financing also marks the commencement of leasing 75,000 square feet of retail space and 400,000 square feet of office space in the iconic building.
“We are excited to take another big step forward in re-inventing our region’s most important building as a modern hub for housing, retail and innovation,” said Gilbert Winn, Chief Executive Officer at WinnCompanies. “Developing Class A office space and creating new luxury apartments will further complement the modernized lobby and established high-tech tenants that are already bringing renewed energy to downtown Rochester.”
Construction is already underway to convert the top floor of the building, once home to the Tea Room of the Sibley Department Store, into 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 during its first five years of operation.
Interested retail and office tenants can now begin the process for entering a lease agreement for these spaces by contacting John Rogers at Pyramid Brokerage, 585-248-9426. Those interested in living in the newly created modern luxury rental units should contact Beth Hartman at WinnResidential at 585-546-1711 to be placed on the waiting list.
An announcement for the official groundbreaking of the project will occur later this spring.
About The Sibley Building
WinnDevelopment is reshaping Downtown Rochester with a multi-year project to transform the Sibley Building into a vibrant, mixed-use urban center, featuring the best apartment homes in Rochester, Class-A office space, green living, elegant landscaping, premier security systems and centralized transportation. From it's opening in 1868 as the city's first department store to its role in the downtown's current renaissance, The Sibley Building at the intersection of East Avenue and East Main Street has long been an iconic landmark and earned its spot on the National Register of Historic Places in 1984. Learn more at www.thesibleybuilding.com.
WinnCompanies is an award-winning national multifamily development and management company dedicated to the highest standards of excellence. Through its companies, WinnDevelopment, WinnResidential and WinnMilitary, WinnCompanies acquires, develops and manages mixed-income, market rate, affordable, military and mixed use properties. Of special focus is on nationally recognized historic adaptive re-use developments in urban centers. Founded in 1971 and operating in 22 states and the District of Columbia, Winn is the fifth largest multi-family housing manager and the largest manager of affordable and military housing in the United States. www.winncompanies.com