Sibley's Building might have a buyer
Sibley's Building might have a buyer
Tom Tobin and Brian Sharp
Sale of the downtown Sibley Building to a large Boston real-estate development company is pending, according to officials. Wilmorite Inc. chairman Thomas Wilmot said the potential buyer, whom he declined to name, had put down a deposit and was negotiating with the city on settlement of outstanding issues with the property, including unpaid loans and payment-in-lieu-of-taxes obligations. The total owed exceeds
$19 million.
Mayor Robert Duffy Wednesday identified the potential buyer as WinnDevelopment, which is the real estate arm of the Boston-based WinnCompanies. WinnCompanies, through its WinnResidential subsidiary, owns several properties in Monroe County, including the Pines of Perinton.
"I expect the buyer will be making its own announcement within 30 days,'' Wilmot said. He said the company, a "large developer with a lot of assets'' can resolve some of the financial obstacles that have frustrated other otential sales.
"They (WinnCompanies) are clearly an organization that has the capital strength to pull this off," Duffy said.
Duffy and city Corporation Counsel Thomas Richards said the city is waiting to hear more about the proposal, with Richards saying "it is way premature to predict whether this, in fact, will occur."
"There are substantial contingencies before any sale would occur ... not the least of which are the obligations to the city,'' Richards said. "The issue is whether some or all of that could be paid and whether the city is willing to take something less, which could be the case.''
The Sibley Building, on East Main Street, has only a few tenants other than Monroe Community College, which plans to move to another facility. Richards said there have been a number of potential buyers over the years, and though the current prospect has come further than any other in reaching a deal, too much is still undone to describe the deal as a sure thing.
Duffy said he would not describe previously interested developers as prospective buyers, however.
The Sibley department store, which opened in 1868, is one of downtown Rochester's signature buildings.
Duffy and others have expressed hope that, as part of downtown redevelopment, Sibley's could be converted to retail and commercial uses.
TTOBIN@DemocratandChronicle.com
BDSHARP@DemocratandChronicle.com
