News: Brokerage

NYS, City of Rochester and PAETEC Holdings unveil plans for the nine-acre Midtown Plaza redevelopment project

The Midtown Rising project partners, NYS, the city and PAETEC Holdings, Inc. unveiled the development plans for the nine-acre Midtown site in the core of the downtown area. The plans were unveiled at an event hosted by the Rochester Downtown Development Corp. (RDDC) as part of their Repositioning Rochester series. In accordance with the State Environmental Quality Review Act (SEQR), the development plans were released in conjunction with a Draft Generic Environmental Impact Statement (DGEIS), a document describing and analyzing redevelopment alternatives and impacts for the site. Primarily an environmental review document, the DGEIS provides a fair summary of the development plan, including work that has been completed to date, underlying project goals, considerations and constraints, including various market conditions needing to be accommodated. The environmental review process provides an opportunity for comments from the public. The 40-day period for public review and comment will conclude on Friday, December 19. In addition, the City Environmental Commission will conduct a public hearing on December 2. Comments received within this 40-day period will be considered and responded to in the Final Environmental Impact Statement (EIS) anticipated for release in early February. "This is a genuine public-private collaboration that will benefit our city for generations to come," said mayor Robert Duffy. "It is extremely gratifying to witness the potential redevelopment alternatives come to life and we are hopeful that the public is as energized as we are to participate in a dynamic process that will make historic improvements to Rochester's Main St." The DGEIS is available for review on the Midtown Rising Web site at www.MidtownRochesterRising.com. Comments on the DGEIS can be submitted via e-mail to: [email protected].
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent