City of Rochester
News Release
(Friday, July 28, 2017) – Mayor Lovely A. Warren announced today that the Rochester Economic Development Corp. (REDCO) has purchased Bull’s Head Plaza, a shopping center at the corner of West Main and Genesee Streets, to halt further disinvestment and advance the ongoing revitalization efforts in the Bull’s Head neighborhood.
"Bull’s Head Plaza is a large and significant commercial property in the heart of a neighborhood that has suffered from neglect for far too long,” said Mayor Warren. “Taking control of this property helps end the cycle of decline and establishes a solid foothold to restore the Bull’s Head neighborhood to its place of prominence as Rochester’s western gateway. I want to thank the R
REDCO Board of Directors for making this purchase and supporting our efforts to ensure Rochester’s positive growth extends beyond Downtown and into our neighborhoods.
Investments like this demonstrate how REDCO is a valuable partner in our efforts to create more jobs, safer more vibrant neighborhoods and better educational opportunities for our citizens.”
REDCO and the seller, GW Capital Asset Management, closed the $1 million purchase Friday after a foreclosure auction was held in June. REDCO is a non-profit economic development corporation operated in partnership with the City to stimulate business investment and job creation.
REDCO purchased the 4-acre plaza at the request of Mayor Warren to support the ongoing Bull’s Head Revitalization Project, which is being administered by the Department of Neighborhood and Business Development (NBD) with the support of State grant funding. NBD Commissioner Bayé Muhammad is the president of the REDCO Board of Directors.
The REDCO Board and the City were concerned that the plaza would be purchased by a for-profit Real Estate Investment Trust, companies which often buy commercial properties with the intention of collecting rents while making minimal to no investments in maintenance or upgrades. Under this scenario, the plaza could fall into such a state of disrepair that it would need to be condemned and add several years to the Bull’s Head revitalization efforts.
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News Media: For more information, contact Press Officer Jessica Alaimo at 428-7135.