The Sibley Building's new owners will be getting more than $3 million in state and local tax incentives.
Monroe County's Industrial Development Agency approved the incentives on Tuesday.
The 12-story Sibley Building is already undergoing renovations.
Over the next ten years there are many plans for revamping the building - including a state of the art security system, a brand new lobby, and new escalators that fit in with the historical architecture.
About $5.8 million dollars will be invested into the building and it will create at least five full-time jobs in the first three years and dozens of local construction jobs.
"It gives Winn confidence that they are going to be able to move forward with this project and it gives us confidence understanding how they are going to operate," said Carlos Carballada, Rochester Business Development Commissioner
"Redeveloping brings a lot of vitality to the area and that combined with what is happening with Midtown, with what the county and the city is doing is wonderful," said Joseph Eddy, VP Winn Development.
The Rochester Police substation will go into the building in July.
Meanwhile, there is still a push to keep the downtown MCC campus in the building.
MCC said this week it wants to move to the Kodak building.
No decisions have been finalized.