News Release - City Seeks Developers for Three “Opportunity Zones”

City of Rochester

News Release

(Wednesday, Nov. 27, 2019) – Mayor Lovely A. Warren announced today that the City of Rochester is seeking developers for three identified Opportunity Zone locations within the city.

“Opportunity Zones allow us to leverage federal tax incentives to attract investment in our city and accelerate the ongoing revitalization of our community,” said Mayor Warren. “This gives us yet another tool to add quality, affordable housing and bring in new businesses to create more jobs, safer and more vibrant neighborhoods and better educational opportunities.”

“We are very excited to release the request for proposals for these strategically located development sites, said Gary Kirkmire, Commissioner of Neighborhood and Business Development. “These Opportunity Zone locations are positioned to provide developers with great economic development potential. The resulting projects are certain to have a major impact on the quality of life of the residents in these areas and for the city as a whole.”

Opportunity Zone tax benefits, established in the 2017 Tax Cuts and Jobs Act, include three levels of tax incentives for investing in certain low-moderate income Rochester neighborhoods through a Qualified Opportunity Fund. The City is encouraging investments that truly benefit neighborhood residents and align with existing community vision.

The three Opportunity Zone RFPs are for:

• Marina Overlook: The 2.8 acre property is located in the heart of the Port of Rochester overlooking the Genesee River’s flow into Lake Ontario. The site is adjacent to the recently constructed 84-slip, state-of-the-art Port of Rochester Marina.
• St Joseph’s Square: The 0.71 acre site consists of two parcels located at 101-113 Franklin St. and 106 Pleasant St. The site is generally bounded by Franklin Street to the east, Pleasant Street to the south, St. Joseph’s Park to the west and the Eritrean Community Center of Rochester and parking to the north.
• Excel Industry Park East and West: The City is seeking a developer or developers to purchase and improve any one, two, or three of the properties at 25, 45 and 60 Excel Drive, in the City’s northeast quadrant on the former Silver Stadium site.