Construction on downtown Rochester tower to begin by end of year
Two years after winning approval from the Rochester City Council, construction is set to begin on the towering Broadway at Center project.
Titan Development and Investments announced Friday that it has reached an agreement to develop the project with Harbor Bay Real Estate Advisors. Crews are expected to begin clearing the site by the end of the year.
“This transformational and iconic development will vastly enhance the unique offerings to visitors and locals in downtown Rochester and we couldn’t be more excited to partner with Harbor Bay,” said Titan CEO Andy Chafoulias.
Financial details of the deal between Harbor Bay and Titan were not disclosed. Earlier this summer, following a series of delays, the project was put on hold after one of its top investors failed to come through.
In a news release, Titan thanked City Administrator Stevan Kvenvold and Council President Randy Staver, as well as staff from Destination Medical Center, for their continued support of the project. Broadway at Center was the first major project to win support from DMC and, when finished, will be one of the most noticeable structures in Rochester's rapidly-changing skyline.
The backbone of the mixed-use project is a proposed 264-room Hilton that Titan anticipates will be "one of the premier hotels in the Midwest." Revised plans for the development call for the building to be 19 stories, instead of 22. The building will not have any apartments, as originally anticipated.
The entire development is expected to cost more than $100 million. The city is kicking in $6.5 million toward the project — including $3.7 million in tax increment financing (TIF). The funds will count toward the city's $128 million contribution to the DMC initiative.
The start of construction on the hotel will also allow the City of Rochester to begin work on a new, city-owned parking ramp adjacent to the building.
Plans are also being drawn up for the former Michael's restaurant site, located just west of the project on the other side of Broadway. Harbor Bay owns the property and is said to be working with Titan on a new proposal.
Correction: A previous version of this story misstated the amount of tax increment financing the city is contributing to the project.
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(Cover graphic: Titan)