Construction for the new High Tech Rochester (HTR) Business Accelerator at the historic Sibley Building is now under way. The sixth floor of the former department store will undergo a $24 million renovation to create a state-of-the art business incubation facility in the heart of downtown Rochester.
Lt. Governor Kathy Hochul, New York State Assembly Majority Leader Joseph Morelle, New York Senator Senator Joseph Robach, Rochester Mayor Lovely Warren, County Executive Maggie Brooks, WinnCompanies CEO Gilbert Winn, and several other local leaders joined University of Rochester president Joel Seligman and HTR president Jim Senall to mark the official groundbreaking.
The Business Accelerator project has been a “priority project” of the Finger Lakes Regional Economic Development Council for the past several years, through which it has received $10 million in state funding. HTR is an affiliate of the University of Rochester.
“This project will help create jobs and grow the local economy – all anchored in an important Rochester landmark,” said Governor Andrew Cuomo. “Repurposing and developing the Sibley Building is an important step for Rochester, and this transformation is a great example of what can be achieved through the Regional Economic Development Council process.”
“Next generation jobs like the ones that will be created by HTR’s new Business Accelerator are key to driving our region’s economy forward,” said Seligman. “Funding through the Finger Lakes Regional Economic Development Council has been instrumental in getting both the Business Accelerator project and the redevelopment of the Sibley Building off the ground and I am delighted that they are partnering to strengthen our economy while creating a vibrant, mixed-use community in this historic building.”
“Given the building’s rich history and importance to our city, I can think of no better site to serve as the hub of our region’s growing innovation economy,” said Senall. “Research has shown that start-ups that locate in an incubator and take advantage of experienced business mentors stand a much better chance of success than those that go it alone or work in isolation.”
HTR announced today that it is embarking on a private sector capital campaign to raise an additional $3M to support the project. Led by co-chairs Christine Whitman and Arunas Chesonis, the campaign has more than $1M of this goal has already committed.
HTR also announced that that the three leading Rochester-based funding resources – Excell Partners, Rochester Angel Network, and Cranberry Capital – have committed to maintaining a presence within the facility.
Once completed, the 68,000-square foot facility will include co-working space, private offices and labs (including wet labs for biotech companies), conference rooms, and an auditorium for programs, workshops and community events. The facility will also feature an open commons area that will foster interaction and mutual support among the start-ups. Client companies will also have walkout access to an outdoor roof patio.
HTR has an option to build out the remaining 31,000 square feet on the 6th floor in response to future demand. It is estimated that over the next five years the HTR Business Accelerator will create more than 1,000 new jobs through the start-ups that will launch and grow from within the facility.
The Sibley Building is in the midst of a $200 million renovation by WinnDevelopment that will transform the 1.1 million square foot building – the largest in Monroe County – into a mix of apartments, office, and retail space. The building and the new HTR Business Accelerator will serve as one of the cornerstones of the new Rochester Downtown Innovation Zone.
