Sibley Mixed-Use

Rochester, NY (2016)

Sibley Mixed-Use

Affordable Housing, Community, Daycare and Early Childhood, Historic Rehabilitation, Historic Tax Credit, 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

PNC

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).