City of Rochester
News Release
(Tuesday, May 10, 2011) – Mayor Thomas S. Richards announced today that a development partnership from Rochester and Syracuse is advancing plans to purchase and convert the historic Lincoln Alliance Building into a mix of office, retail and residential uses while restoring the architectural landmark to its former glory. The 15-floor building at 183 E. Main St. is one-half block away from the Midtown Rochester Rising development site.
“The City and N.Y. State investments in the Midtown Rochester Rising project are already paying dividends by sparking interest in the surrounding properties,” said Mayor Richards. “The fact that the Midtown activity has caught the attention of a developer who recognizes the value of this historic building is yet another bonus. This is a strong vote of confidence in Rochester’s downtown real estate market and a solid indicator of future investment in the Center City.”
The developer, Franklin Properties/Dutton, intends to invest $21.9 million to convert the 15-story, 182,000 square-foot.-building into a mix of 40,000 square feet of Class A office and commercial space, as well as 113 loft apartments.
Franklin Properties/Dutton is a joint venture involving Ted Kinder, Robert Medina and Doug Sutherland, of the Syracuse-based Franklin Properties, LLC, and Patrick Dutton of Rochester. Combined, the developer and its affiliates have developed and currently own and manage more than $60 million in commercial and residential property, most of which is in rehabilitated historic buildings. Franklin Properties is best known for its redevelopment work in the Franklin Square district of Syracuse.
“We have been very impressed with the way the City of Rochester has tackled the many challenges of the former Midtown Plaza next door,” said Mr. Sutherland, the managing partner of Franklin Properties. “Most cities the size of Rochester could not have assembled the resources necessary to remove the blight and re-position a property the size of Midtown Plaza for new and productive uses in the years ahead. Without their vision and fortitude, we would not be discussing the Lincoln Alliance rehabilitation today.”
It is estimated the completed project will attract or retain businesses with approximately 140 employees and bring 160 new residents to downtown.
About 100 Rochester-area construction workers will be employed during the redevelopment. The project is scheduled to begin later this year and be completed in 2013.
The tower was designed in the Renaissance Revival-style by the internationally recognized architectural firm of McKim, Mead and White in association with Rochester architect J. Foster Warner. It opened in 1926 as the Lincoln Alliance Bank. This project is believed to be the largest certified historic rehabilitation of a National Register landmark in Rochester and one of the largest in upstate New York.
The rehabilitation plan includes the restoration of many distinctive, historic interior and exterior features that were modified over the past 85 years. However, new mechanical, electrical and plumbing systems will be installed to provide efficient, 21st century services.
The developer plans to return the roughly 7,000 square feet of interior, mall-style retail space on the ground level to the more traditional, street-oriented, commercial retail space consistent with the original plan for the building. Class A office space is planned for the second, third and fourth floors. The existing penthouse-level commercial space is expected to remain. The developer hopes to consolidate existing commercial tenants in custom-designed space on the lower four floors.
Beginning on the fifth floor, obsolete office space will be converted to open, loft-style apartments with generous 10-foot beamed ceilings, custom Shaker-style kitchen cabinets, granite countertops, stainless-steel appliances, ceramic-tile bathrooms and hardwood flooring in the main living spaces.
Mayor Richards also delivered legislation to City Council today that would enable the City to provide the developer with a $3 million, 30-month construction loan for gap financing until NYS and Federal historic rehabilitation tax credits enter the project as permanent financing. The loan requires that 15 percent of the residential units, or 17 units, be affordable to households earning no more than 120 percent of the area median income for ten years. Residential rents will range from $850 per month to about $1,350 per month.
The developer also intends to seek a modified tax abatement through the County of Monroe Industrial Development Agency (COMIDA). The total tax revenue from the property over 20 years would be about $2.9 million – nearly four times what it would be without the renovation and partial abatement.
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News Media: For more information, contact Bret Garwood, Director of Business and Housing Development, at 585-428-6150.