City Planning to Sell Sibley Building
By: WROC-TV
Updated: August 31, 2012
The Sibley Building in downtown Rochester is going up for sale.
Mayor Tom Richards says after months of negotiations, plans are to sell the building to the Winn Development company for $5 million. The building has been a financial burden to the city after the current owner, Rochwil, defaulted on its tax agreement. Rochwil has closed to $20 million in debt that it owes, including interest owed to the city. Mayor Richards says selling the building is the best option.
"It's a beautiful building, a historical building but the insides need to be renovated," Richards said. "For that to be a success we want them to put the money into the building, put the money in the building so it can be modernized and be a place people want to go."
Monroe Community College recently signed a five year lease to stay in the building for its downtown campus. Winn Development is expected to renovate the building, investing about $100 to $150 million over 10 years.
Mayor Tom Richards says after months of negotiations, plans are to sell the building to the Winn Development company for $5 million. The building has been a financial burden to the city after the current owner, Rochwil, defaulted on its tax agreement. Rochwil has closed to $20 million in debt that it owes, including interest owed to the city. Mayor Richards says selling the building is the best option.
"It's a beautiful building, a historical building but the insides need to be renovated," Richards said. "For that to be a success we want them to put the money into the building, put the money in the building so it can be modernized and be a place people want to go."
Monroe Community College recently signed a five year lease to stay in the building for its downtown campus. Winn Development is expected to renovate the building, investing about $100 to $150 million over 10 years.
