Sibley Mixed-Use

New Markets Tax Credit Coalition

Rochester,
NY
(2016)

Sibley Mixed-Use

Affordable Housing, Community, Daycare and Early Childhood, Historic Rehabilitation, Housing, Mixed-use, Youth and Families

Iconic Rochester, NY building gets wholesale landmark makeover

Investment

NMTC Amount: $30,112,500
Total Project Cost: $54,509,650

IMPACT

43 FTE jobs
348 construction jobs
Rehabilitation of a vacant or under-utilized historic structure.
1,000,000 sq. ft. of real estate

CDEs

Community Impact Capital, PNC, RBC Community Development

Investor

Project Description

The Sibley Building in Rochester, N.Y.–once the largest department store between New York City and Chicago–is being reborn as Sibley Square. Boston-based WinnDevelopment is renovating the 1-million sq. ft. property with a variety of financial sources, including equity from low-income housing tax credits (LIHTCs), new markets tax credits (NMTCs) and federal and state historic tax credits (HTCs).

MAP

Address: 250 East Main Street, Rochester, NY 14604

Census Tract: 36055009400

Site Visits

Other New York Projects

National Dance Institute Center for Learning and the Arts

New York,
NY
(2010)

Affordable Housing, College or Vocational Training, Community, Housing, Mixed-use

CDE(s): MBS Urban Initiatives

Financing for the acquisition and development of a community space within PS 90 - a Harlem public school building abandoned for 30 years.

GMDC Brownsville Industrial Center

Brooklyn,
NY
(2022)

Business Development, Manufacturing

CDE(s): Chase, NYC Neighborhood Capital Corporation

Continued revitalization of an abandoned industrial complex creates additional jobs and urban manufacturing opportunities

WCNY Broadcasting and Education Center

Syracuse,
NY
(2011)

Community, Daycare and Early Childhood, Youth and Families

CDE(s): Enhanced Capital, Grow America

The renovation of 28,000 sq. ft. of existing space and the construction of 27,000 sq. ft. of new space, designed to meet LEED Gold standards.

Triangle Plaza Hub

Bronx,
NY
(2013)

Adult Education, College or Vocational Training, Community, Daycare and Early Childhood, FQHCs, Grocery and Fresh Food, Healthcare, Mixed-use, Retail, Retail and Commercial, Youth and Families

CDE(s): GS New Markets Fund, Low Income Investment Fund, United Fund Advisors

Mixed-use development to bring fresh food, accessible healthcare and job opportunities to a highly distressed community in the South Bronx.