RDDC’s Downtown Rising: Development Investments in Downtown Rochester
Today, Rochester Downtown Development Corporation (RDDC) hosted a Downtown Rising luncheon, showcasing upcoming economic development efforts in our downtown corridor. Greater Rochester Chamber is proud to support RDDC and the Downtown Rising as a series sponsor.
Today’s discussion showcased investment efforts to support commercial and residential real estate efforts in the downtown corridor. Over 10,000 individuals call downtown Rochester home, with more coming soon as over 1,000 units are currently being built or converted to residential.
At today’s event, Erik Frisch, Deputy Commissioner for the City of Rochester’s Neighborhood and Business Development department, shared updates on the city’s development and business assistance programs. Frisch shared information about how the City is supporting and partnering with developers to promote investment. Through programs such as Low Interest Gap Financing, Re:Main, and more, revitalization downtown can receive funding to support these efforts. Through partnership with New York State, Re:Main specifically targets projects on Main Street. By focusing on specific targeted areas within the city, vibrant neighborhoods are being shaped with new public and private investment. In addition to supporting development, the City offers supports for businesses currently downtown to support job creation with loans and grants to further drive vitality in the city.
The luncheon also featured a panel discussion with real estate development leaders to showcase current investments in our city and share more about what’s to come. Participants included Joel Barrett, Founder of 43North & Bace Build, Robert Cain, Director of Real Estate Development for CSD Housing, Robert Gallina, Partner at Gallina Development, and Alec Riedman, VP for Property Management and Operations for Riedman Companies.
The panel showcased up and coming residential and commercial properties in the downtown district. Through the construction of new properties and the redevelopment of historic properties, we build on our city’s longstanding successes and forge a new future based on innovative ideas and a deep commitment to community. For example, Hotel Cadillac is being renovated to the Fine Arts Lofts, which will feature mixed use housing and commercial real estate specifically targeted for start up companies. Additional projects featured by today’s panel include 222 South, once a marble factory being turned into residences, the newest updates in the Metropolitan, formerly Chase Tower, and the Neisner at East End, newly renovated apartments targeted for young professionals in a long-empty building. Momentum is building in Downtown Rochester and the developers all shared the sentiment now is the time to continue investment in the City.
These projects take collaboration and public-private partnerships with the city, county, and state agencies. Developers shared the tax credits and incentives that are offered to help with projects such as these and ensure historic elements are preserved.
Investments in our downtown have ripple effects that are felt throughout the entire region. Having a vibrant and inclusive neighborhood in the City of Rochester will help our whole community rise together. Thank you to RDDC for convening this meeting today and for their work to drive economic vitality downtown.