EXECUTIVE SUMMARY

The acquisition and renovation of the 580,000 square foot former Xerox Square is envisioned to create a collaborative academically focused campus in the heart of downtown Rochester in which students from multiple academic institutions can live, learn and innovate in an urban environment. In an effort to foster academic collisions and spark growth in our local ecosystem, the project would house up to 500 upper classmen and graduate students. Academic programing will be offered to those enrolled at the participating schools and students will have access to all of the amenities available on the campus. The vision includes facilitating student engagement with local high-tech companies located in the Downtown Innovation Zone for internships and mentoring programs.

Up to 180 residential units, 1, 2, and 3 bedrooms, will be constructed on 16 floors of the tower beginning on the 3rd floor and going up, in a contiguous manner, (floors 3-13 and 16-21) excluding floors 14 and 15, currently occupied by EFPR Group, LLP, which moved in this past spring and signed a long term lease for the space.  The top eight floors, floors 22-29, the 25,000 square foot lower level concourse, and the current 17,000 square foot out parcel building will be offered as market rate commercial office space, with a focus on tech and innovation.  Floors 2, 7, and 22 within the main tower are mechanical floors, with only partial usable space.  These “partial” floors will be developed with amenities, including but not limited to: student lounges, fitness center, sound proof practice rooms, lab/gallery/maker space, and more.  The existing auditorium, containing approximately 750 seats and consisting of the main performance space and balcony, along with the adjacent atrium, shall be rebranded and used for both musical and artistic performances as well as a center for e-sports.  Beyond the main uses, the auditorium will continue to lend itself to academia as a lecture hall.  As the interior rebrand of this campus takes place, there will be physical changes as well.  The building will become more accessible with the construction of a covered drive up entry loop on the east side, an expanded lobby, and a new driveway from Broad Street to Chestnut Street.  As the building is leased, future tenants will be able to park in the 350 car parking garage beneath the building, or in any of the adjacent parking structures to which the City of Rochester has indicated a willingness to facilitate.

Phase 1 of the project includes: acquisition of the property, demolition of 5 floors of office space, construction of 5 floors of student housing units, construction of new building entry/driveway from Broad Street to Chestnut Street and a renovated lobby.

CATALYTIC IMPACTS

The re-development of the former Xerox Square in downtown Rochester, NY has the potential to be a truly transformative project for the entire community. With the support of our local colleges and universities, namely Rochester Institute of Technology, University of Rochester, Nazareth College, Brockport College and St. John Fisher College, our intention is to bring up to 500 students into the downtown fabric of our community. These upper classmen and graduate students will not only live and learn at Innovation Square, but will have the opportunity to collaborate and innovate with students of various disciplines and interests. With their presence downtown, there will be a potential to develop and nurture a synergy between students seeking internships with the approximately 130 firms located within the Downtown Innovation Zone. This path to future employment will support our students in a way that simply has not existed before.  By offering these students internship and employment opportunities, our hope is that they will stay and establish residency here in Rochester. If we are successful in keeping these graduates in our community, they will begin to support the infrastructure and economy of the downtown neighborhood. Restaurants, bars, entertainment venues, and retail establishments will all benefit from an increased population in center city. Our cultural institutions will also see added attendance and engagement. These are the indicators of successful downtown cores and we strongly believe that Innovation Square will greatly add to the vibrancy that we all hope to experience.