Governor Cuomo Announces Finger Lakes Business Accelerator Cooperative to Locate in Rochester's Historic Sibley Building
Projects received funding through Governor’s Regional Economic Development Council initiative
Estimated 1,000 new jobs in the first five years
Governor Andrew M. Cuomo announced that High Tech Rochester’s Finger
Lakes Business Accelerator Cooperative will locate in the former Sibley’s
department store in downtown Rochester, creating the cornerstone component
of the newly designated Downtown Innovation Zone. Both the Business Accelerator
and The Sibley Building were awarded funding through Governor Cuomo’s
Regional Economic Development Council initiative last week. It is estimated
that the Business Accelerator will create more than 1,000 new jobs—in
the forms of new business creation or expansion—in the first five
years of operation. The initial phases of The Sibley Building’s
redevelopment are projected to create more than 900 jobs.
“This will help create jobs and grow the local economy– all
anchored in an important Rochester landmark,” Governor Cuomo said.
"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 Council process.”
Lieutenant Governor Robert J. Duffy said, “This project will create
a community and business hub in Rochester, with entrepreneurs, support
institutions, public transportation and housing right here in downtown.
Under the Governor’s support, we are revitalizing the Finger Lakes
region and creating a center for entrepreneurship and innovation in the
city’s urban core. I thank our partners that support The Sibley
Building as well as the Finger Lakes Business Accelerator Cooperative
for their hard work in making this a true home for development.”
Lieutenant Governor Duffy was in Rochester at the nearly-complete new
office lobby at The Sibley Building, which was awarded $500,000 in the
third round of Regional Council funding. The $1.1 million square foot
former Sibley’s department store in downtown Rochester, which received
an additional $3 million in the fourth round of Regional Council funding,
is in the midst of a $200 million comprehensive restoration. The project
will transform the largest building in Monroe County into a mix of affordable
and market-rate apartments, office and retail space, an outdoor roof terrace,
an urban farmers market and underground parking. The project is a critical
component of Rochester’s downtown revitalization and will attract
residents, employment and investment back to the city’s center.
The building is within a 15-minute walk of the entire downtown core and
the thriving East End district, and it is directly adjacent to the region’s
new transit center.
High Tech Rochester’s Business Accelerator, which received $5 million
in the fourth round of Regional Council funding, has reached a deal with
The Sibley Building’s developer, WinnDevelopment, to locate on the
top floor of the building. The creation of a $24 million incubation and
business support facility in downtown Rochester will drive regional growth
in entrepreneurship and innovation, as well as help accelerate the revitalization
of the city by creating an “innovation district” in the heart
of Rochester.
The Business Accelerator will serve a broad range of businesses from small
service enterprises to technology-based start-ups across all industry
clusters with the goal of accelerating the growth of local small businesses
by moving clients through the formation, incubation and accelerated phase
of growth. It will bring streamlined programs and services to entrepreneurs
and small businesses throughout the region, including outreach to underrepresented
groups, such as minority- and woman-owned businesses and young entrepreneurs.
New York State has already awarded $5 million to the multi-phase accelerator
project during the 2011 and 2012 Consolidated Funding Application processes.
So far, a portion on this support has enabled the establishment of a region-wide
video conferencing system that better connects the region’s entrepreneurs
with necessary resources and the creation of an online entrepreneurship
resource center.
High Tech Rochester President Jim Senall said, “We are thrilled
to announce the selection of The Sibley building as the site of HTR’s
new headquarters and the future home to some of the most innovative and
exciting startup companies in our region. 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.”
WinnDevelopment Vice President Joseph Eddy said, “We’re thrilled
to welcome High Tech Rochester to Rochester’s largest and most beloved
building. Renovating the historic Sibley Building and transforming downtown
Rochester wouldn’t be possible without the support and leadership
from Governor Cuomo and the Finger Lakes Regional Economic Development
Council. This project demonstrates the success of public-private partnerships
and how targeted investments focusing on the strengths of a region can
be a catalyst for economic development.”
Assembly Majority Leader Joseph Morelle said, “The recent Regional
Council awards announcement was a huge success for the Finger Lakes region
and especially the City of Rochester. Today our two largest award recipients,
High Tech Rochester’s Finger Lakes Business Accelerator Cooperative
Hub Facility and WinnDevelopment’s Sibley Building redevelopment
project, are partnering to create a high tech incubator hub that will
support entrepreneurship and innovation right in the city’s core
and that will drive our region’s economy forward.”
Senator Joseph Robach said, “With the historic Sibley Building home
to the new Finger Lakes Business Accelerator Cooperative Hub Facility,
both High Tech Rochester and WinnDevelopment deserve congratulations.
Both entities are providing a boost to our region by creating jobs and
investing in the community.”
City of Rochester Mayor Lovely Warren said, “I thank Governor Cuomo
for recognizing the potential our city holds and for his steadfast support
as Rochester develops into one of the nation’s most vibrant, skilled
and innovative cities to do business in. I am committed to the revitalization
of our Center City, and the iconic Sibley Building is a key part of this.
The High Tech Rochester Finger Lakes Business Accelerator will be a catalyst
for entrepreneurship and innovation-based economic development and surely
be a critical partner as we continue to grow jobs for the new age of American
manufacturing and propel Rochester into the future. Today is a simply
a wonderful day for Rochester.”
Monroe County Executive Maggie Brooks said, “High Tech Rochester
has been a catalyst for entrepreneurial and innovation-based growth throughout
our community. Locating the new business accelerator in the Center City
and Downtown Innovation Zone will bring new opportunities to an area on
the rise. I commend my fellow council members and Empire State Development
for recognizing the true potential of such a transformational project.”
Finger Lakes Regional Economic Development Council Co-Chairs, University
of Rochester President Joel Seligman and Wegmans Food Markets CEO Danny
Wegman said, “Next generation jobs like the ones that will be created
by High Tech Rochester’s new business accelerator are key to driving
our region’s economy forward. Funding through the Finger Lakes Regional
Council has been instrumental in getting these two projects off the ground
and I am delighted that they are partnering to strengthen our economy
and provide opportunities that had been lacking, while creating a vibrant,
mixed use community in the historic Sibley Building.”
About the Regional Economic Development Councils
The Regional Economic Development Council initiative is a key component of Governor Andrew M. Cuomo's transformative approach to State investment and economic development. In 2011, Governor Cuomo established 10 Regional Councils to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources. After three rounds of the Regional Economic Development Council process, nearly $3 billion has been awarded to more than 3,100 job creation and community development projects consistent with each region's strategic plans, supporting the creation or retention of more than 130,000 jobs. For more information on the Regional Councils, visit www.regionalcouncils.ny.gov.