City of Rochester
News Release
(Thursday, June 28, 2012) –– Mayor Thomas S. Richards and Neighborhood and Business Development Commissioner R. Carlos Carballada joined George and Katia Traikos of Fitzhugh Associates LLC today at the official groundbreaking ceremony for the Academy Building, 13 S. Fitzhugh St. in Downtown Rochester.
“It is going to be great to see new life come to this building,” said Mayor Richards. “This is one more indication that Downtown truly is rising and we are very thankful to our entrepreneurs and their supporters for investing in Rochester and to the NYS Empire State Development Corporation for consistently backing us in our endeavors.”
The 36,500 square foot Academy Building represents a significant investment in Center City and will result in the addition of new residential units and commercial/retail businesses to this part of Downtown. The project consists of the rehabilitation and conversion of the building into a mix of residential and commercial units. The residential component will consist of 21 apartments, of which six will be one-bedroom, 14 will be two-bedroom and one will be three-bedroom. The primary target market for the Academy Building apartments includes young professionals and empty nesters. The residences will have very well thought-out design and upscale finishes. On-site amenities for residential tenants will include a washer and dryer in every unit, a fitness room, storage space, a monitored security system and parking.
The project will also include 6,050 square feet of commercial space on the first floor and approximately 900 square feet of outdoor seating on the north side of the building. Mr. Traikos has reported that several eating establishments have expressed interest to locate in the Academy Building. They include: coffee/pastry shop; sushi restaurant; fast casual restaurant; and a Yogen Früz frozen yogurt outlet. The building also has retail space available for a full-service restaurant.
The total investment in the Academy Building rehabilitation project will be approximately $5,870,000 of which $800,000 is being funded with a Restore New York grant through the NYS Empire State Development Corporation. The City is providing Fitzhugh Associates LLC with a $700,000, 24-month construction loan for gap financing until NYS and Federal historic rehabilitation tax credit equity enters the project as permanent financing. The project is also receiving a sales tax and mortgage tax exemption through the County of Monroe Industrial Development Agency (COMIDA).
The Academy Building rehabilitation will create both temporary and permanent employment in Downtown Rochester. Mr. Traikos expects that at least 75 construction jobs will be created during the renovation stage of the project. In addition, the future restaurants in the building will create 40 to 50 jobs.
Fitzhugh Associates LLC purchased the property, currently known as the Academy Building, in 2007. Originally called the Rochester Free Academy, the building was constructed in 1873 and represents the latter phase of the Gothic Revival in the 19th century. The building is considered to be a major work of local architect Andrew Jackson Warner, who also designed the Powers Building and the old City Hall.
According to the Landmark Society of Western New York, the building is the third school to be built at the site. It served as the City's first high school for 30 years then later became the Municipal Court and Education Building in 1904. From 1926 to 1979, it served as the headquarters of the Board of Education. In 1981, the building became a privately-owned office building primarily occupied by local law firms. For many years, the building was also home to Edwards Restaurant, one of Rochester’s former well-known upscale restaurants. The building is located in the City Hall Historic District which, in turn, is listed on the National Register of Historic Places.
George Traikos has been in the real estate development business through Traikos Real Estate Group (TREG) since moving to South Florida in 2001. In 2008, Mr. Traikos bought the Yogen Früz master franchising rights to Upstate New York. Yogen Früz, headquartered in Markham, Ontario, Canada has more than 1,300 stores in 35 countries. There are currently eight Yogen Früz locations in Upstate New York, with several more scheduled to open by the end of the year.
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News Media: For more information, George Traikos at 954-815-1541.