Good Business: Capital investments total $1.5 billion

Capital investments are taking shape across the region – investments totaling close to $2 billion.

“If we cumulate all these investments, we have a lot of activity going on in our community,” said Dennis Mullen, CEO and President of Greater Rochester Enterprise.

In the 1980s and 90s, it was Rochester’s Big Three companies creating jobs and income. Today’s recent investments appear to be coming from universities and newer businesses.

“There will be new dollars coming into the community from an investment perspective,” Mullen said, “and people will, by virtue of having employment, they will have more disposable income."

Some investments in the area include $500 million in upgrades to RG&E’s Russell Station; $90 to $150 million to redevelop Midtown Plaza into PAETEC’s new headquarters; and $50 million at the University of Rochester for a clinical and translational research institute.

Other multi-million dollar investments are going to expansion of the U of R Medical Center, the Barilla Plant in Avon, Unity Hospital as well as several million dollars for public schools.

Plus, $60 million is expected to be invested in the Golisano Institute of Sustainability at RIT. That tops an investment total of more than $1.5 billion.

“In the long term, it allows Rochester to continually develop,” said Dr. William Destler, RIT president.

RIT has made $300-million worth of investments in the past 10 years. The Golisano Institute will not only work toward creating a healthier environment, but the center could have long-lasting affects on the economy.

“The Center for Governmental Research has predicted 6,000 jobs to be created across the region, state and country,” Destler said.

Most of these investments are in the works behind the scenes.

“These are not ‘I hope we can do this,’” Mullen said. “These are firm convictions and plans in place ...to make these initiatives come to life."