DeVinney of NorthMarq arranges financing for Windstream Building

Scott DeVinney, vice president of NorthMarq's Rochester regional office, arranged construction and permanent financing for a new 100,000 s/f three story office building located in the city's CBD. The building will be occupied by Windstream Corp. which expects to locate over 330 employees into the downtown market. The project is the first private development to take hold on the former Midtown Plaza site. Financing was arranged for the borrower by NorthMarq through its relationship with a regional bank. The $19 million building will be constructed and owned by The Pike Co. New York State provided $55 million for the Midtown Rising project, $44 million of which was used for the asbestos remediation and demolition of six buildings covering more than eight acres that make up the Midtown site. Construction work will be under way this year in the underground service tunnel and 1,800-vehicle underground garage. Above ground, a new street grid, sidewalks and lighting are planned as is the preparation of the remaining development parcels and the public space with the remaining $11 million grant from the state. In September, with support from senator Schumer and senator Kirsten Gillibrand, the city secured a more than $2 million grant from the federal Economic Development Administration which is in addition to $1.36 million in federal funding that senator Schumer secured in 2010 to build new infrastructure and access roads to make the site shovel-ready for development. In 2009, congresswoman Slaughter and senator Schumer also secured $950,000 for planning and development of the site and senator Gillibrand secured $340,000 for demolition and remediation. The federal Department of HUD provided $5.9 million in federal Community Development Block Grant funding to help finance the Seneca Building redevelopment. County executive Maggie Brooks said the County of Monroe Industrial Development Agency (COMIDA) assisted the Midtown Rising project with a Payment In Lieu of Taxes (PILOT) agreement and exemptions of sales tax and mortgage recording fees. Rochester Gas & Electric helped close the financial gap with a commitment to provide up to $800,000 for electric service infrastructure at the Midtown site. The total investment in the Midtown Rising Project, including acquisition, relocation, demolition, infrastructure, rehabilitation of the garage, and the redevelopment of the Seneca Building, is more than $122 million. The new facility is expected to be completed by late summer 2013.