|1265 Scottsville Road, Rochester NY, 14624|
|Assume normal business hours|
|585 783 2500|
Rochwil is a limited liability corporation (LLC) set up by Wilmorite, a Rochester-based, commercial real-estate development and management company. When Wilmorite set out to acquire The Sibley Building in the late 1980s, it created Rochwil Associates and got help from the International Brotherhood of Electrical Workers and the city. The union holds the mortgage on the building and the city has provided loans and tax abatement (called the PILOT program). Rochwil has also received some COMIDA help and loans from HUD.
In 2003, the county took action against Rochwil for failure to pay back the PILOT payments and the city is currently repaying HUD on behalf of Rochwil. Rochwil is also in default on a development loan from the city. Total debt exceeds the value of the property. Mayor Duffy's administration is looking for the best way to resolve this issue under the assumption the debt will not be repaid by Rochwil.
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2007-01-30 17:59:15 Let's hope that this developer takes some significant action with this landmark building. Loft-style condos seems like a great fit, especially right across the street from the Temple Building. ULI got it right, now let's make it happen. —EricHoff
2007-02-13 19:13:22 I get worried that 'Loft Style condos' have become another save-all by some people around the city. I've see 2-3 'loft style condo' building plans show up, then disappear again. But where are all these people coming from that want to live downtown, and can afford the rent? You certainly don't see them on the streets off-business hours much. —FarMcKon
2007-02-18 15:48:11 Far - your points are certainly valid...there is always uncertainty, especially at this stage of downtown's life. But we really just don't know, in large part because outside of the Sagamore (which seems to have done well), none of these "plans" have made it past the planning stage. But let me make myself clear...I don't see anything as a "save-all", I fully expect that making downtown a vibrant place will take many, many small things. But I do think there is some demand for condos downtown. There is a fair amount of rental property downtown at a fairly high occupancy rate from what I have read. Is it that much of a stretch to think that some of those people that can afford Temple Building and other downtown rents would be potential buyers? I don't think so. Maybe that's just me because I am one of those people. Maybe you're right and maybe I am alone in this thought but I have a feeling there would be some real interest if anything ever progressed from a "plan" to an actionable reality. —EricHoff