A historic landmark in Rochester, N.Y., that once housed the largest department store between New York City and Chicago has been restored to its former glory.
Not only did WinnCompanies’ revitalization of the circa 1926 Sibley Building pay tribute to the historic legacy, such as the restoration of the iconic clock tower, but it also brought it into the 21stcentury. The developer’s objective was to create a high-impact project that would generate economic value and restore the building’s greatness to attract and engage residents of the broader community.
The massive Sibley Square has become a multigenerational campus with different components. Landmark offers 72 units of affordable apartments for seniors 55 and older who earn 50%, 60%, and 90% of the area median income (AMI).Spectra includes 104 market-rate and middle-income apartments; 21 of the units serve households at 80% of the AMI. All residents have access to a 24-hour fitness center and an indoor/outdoor dog park. Another 104 units of workforce housing are under construction.
Sibley Square also boasts 75,000 square feet of retail space, 400,000 square feet of office space, and 68,000 square feet of high-tech educational space. It houses NextCorps, the state’s largest incubator and accelerator of technology companies, and The Commissary, the only shared industrial kitchen in Monroe County. The Mercantile, a year-round indoor market with eight to 12 restaurant kiosks, is slated to open in December. Education opportunities also can be found in the building, with a child care center, a K-8 charter elementary school, a school for adults pursuing high school diplomas and vocational trades, a technology training center for children and adults, a post-doctoral dental program, and space showcasing undergraduate and graduate student art work.
The $100 million revitalization was supported by local, state, and federal loans; private capital; tax abatements; and historic, New Markets, and low-income housing tax credits.
