{"id":119232,"date":"2015-09-09T11:14:56","date_gmt":"2015-09-09T15:14:56","guid":{"rendered":"http:\/\/www.rochester.edu\/newscenter\/?p=119232"},"modified":"2015-09-24T12:26:10","modified_gmt":"2015-09-24T16:26:10","slug":"groundbreaking-for-htrs-new-incubator-takes-place-at-sibley-building-119232","status":"publish","type":"post","link":"https:\/\/www.rochester.edu\/newscenter\/groundbreaking-for-htrs-new-incubator-takes-place-at-sibley-building-119232\/","title":{"rendered":"Groundbreaking for HTR\u2019s new incubator takes place at Sibley Building"},"content":{"rendered":"

Construction for the new High Tech Rochester (HTR) Business Accelerator at the historic Sibley Building is now under way.\u00a0 The sixth\u00a0floor of the former department store will undergo a $24 million renovation to create a state-of-the art business incubation facility in the heart of downtown Rochester.<\/p>\n

Lt. Governor Kathy Hochul, New York State Assembly Majority Leader Joseph Morelle, New York Senator Senator Joseph Robach, Rochester Mayor Lovely Warren, County Executive Maggie Brooks, WinnCompanies CEO Gilbert Winn, and several other local leaders joined 做厙勛圖 president Joel Seligman and HTR president Jim Senall to mark the official groundbreaking.<\/p>\n

The Business Accelerator project has been a \u201cpriority project\u201d of the Finger Lakes Regional Economic Development Council for the past several years, through which it has received $10 million in state funding.\u00a0 HTR is an affiliate of the University of Rochester.<\/p>\n

\u201cThis project will help create jobs and grow the local economy \u2013 all anchored in an important Rochester landmark,\u201d said Governor Andrew Cuomo. “Repurposing and developing the Sibley Building is an important step for Rochester, and this transformation is a great example of what can be achieved through the Regional Economic Development Council process.\u201d<\/p>\n

\"artist
Artist rendering of the collaboration space in the new High Tech Rochester Business Accelerator.<\/figcaption><\/figure>\n

\u201cNext generation jobs like the ones that will be created by HTR\u2019s new Business Accelerator are key to driving our region\u2019s economy forward,\u201d said Seligman. \u00a0\u201cFunding through the Finger Lakes Regional Economic Development Council has been instrumental in getting both the Business Accelerator project and the redevelopment of the Sibley Building off the ground and I am delighted that they are partnering to strengthen our economy while creating a vibrant, mixed-use community in this historic building.\u201d<\/p>\n

\u201cGiven the building\u2019s rich history and importance to our city, I can think of no better site to serve as the hub of our region’s growing innovation economy,\u201d said Senall. \u201cResearch has shown that start-ups that locate in an incubator and take advantage of experienced business mentors stand a much better chance of success than those that go it alone or work in isolation.\u201d<\/p>\n

HTR announced today that it is embarking on a private sector capital campaign to raise an additional $3M to support the project.\u00a0 Led by co-chairs Christine Whitman and Arunas Chesonis, the campaign has more than $1M of this goal has already committed.<\/p>\n

HTR also announced that that the three leading Rochester-based funding resources \u2013 Excell Partners, Rochester Angel Network, and Cranberry Capital \u2013 have committed to maintaining a presence within the facility.<\/p>\n

Once completed, the 68,000-square foot facility will include co-working space, private offices and labs (including wet labs for biotech companies), conference rooms, and an auditorium for programs, workshops and community events.\u00a0 The facility will also feature an open commons area that will foster interaction and mutual support among the start-ups. \u00a0Client companies will also have walkout access to an outdoor roof patio.<\/p>\n

HTR has an option to build out the remaining 31,000 square feet on the 6th<\/sup> floor in response to future demand.\u00a0 It is estimated that over the next five years the HTR Business Accelerator will create more than 1,000 new jobs through the start-ups that will launch and grow from within the facility.<\/p>\n

The Sibley Building is in the midst of a $200 million renovation by WinnDevelopment that will transform the 1.1 million square foot building \u2013 the largest in Monroe County \u2013 into a mix of apartments, office, and retail space.\u00a0 The building and the new HTR Business Accelerator will serve as one of the cornerstones of the new Rochester Downtown Innovation Zone.<\/p>\n","protected":false},"excerpt":{"rendered":"

Construction for the new University-affiliated High Tech Rochester (HTR) Business Accelerator is under way. The sixth floor of the former department store will undergo a $24 million renovation to create a state-of-the art business incubation facility in the heart of downtown Rochester.<\/p>\n","protected":false},"author":176,"featured_media":119402,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[18612,9436,8916],"class_list":["post-119232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-university-news","tag-announcements","tag-community","tag-economy"],"acf":[],"yoast_head":"\nGroundbreaking for HTR\u2019s new incubator takes place at Sibley Building<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rochester.edu\/newscenter\/groundbreaking-for-htrs-new-incubator-takes-place-at-sibley-building-119232\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Groundbreaking for HTR\u2019s new incubator takes place at Sibley Building\" \/>\n<meta property=\"og:description\" content=\"Construction for the new University-affiliated High Tech Rochester (HTR) Business Accelerator is under way. 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