With Liberty Lofts at Sibley Square, WinnCompanies delivers 104 workforce apartments and marks the completion of the redevelopment of a 1.1 million-square-foot historic building in Rochester, N.Y.
Courtesy WinnCompanies With Liberty Lofts at Sibley Square, WinnCompanies delivers 104 workforce apartments and marks the completion of the redevelopment of a 1.1 million-square-foot historic building in Rochester, N.Y.

WinnCompanies celebrated the opening of 104 workforce apartments inside Liberty Lofts at Sibley Square in Rochester, N.Y. The $23.6 million project marks the completion of a four-year effort to redevelop a portion of a historic 1.1 million-square-foot building as housing for families and individuals of all incomes.

The apartments at Liberty Lofts serve a diverse income range and include units that target middle-income individuals and families whose incomes are too high to qualify for traditional affordable housing programs. Fifty-three units are available at rents of up to 60% of the area median income (AMI); three units are available at rents up to 100% of the AMI; and 48 units are available at rents of up to 110% of the AMI. Exceptions may be available for households with essential workers and those financially impacted by COVID-19.

Located on floors two through five of the building, Liberty Lofts brings the number of apartments created at Sibley Square to 280 since June 2016 when WinnCompanies first secured the financing for the historic adaptive reuse redevelopment that has transformed the 116-year-old building into a mixed-use, mixed-income anchor for downtown Rochester.

“Liberty Lofts is an important milestone in the redevelopment of Sibley Square, fulfilling our vision of delivering modern apartments and amenities to renters of every income level in the heart of downtown,” said Gilbert J. Winn, CEO of WinnCompanies. “This is the largest mixed-use project in WinnDevelopment’s history. It took partnership, innovation, and perseverance, and the best is yet to come as we accelerate our plans to unveil unique, community-driven retailers that will draw Rochester residents and visitors to this landmark property.”

Headquartered in Boston, the firm is a national owner, developer, and manager of high-impact affordable, middle-income, and market-rate housing communities.

With the formal opening of Liberty Lofts, residential uses created by WinnDevelopment now occupy 350,000 square feet of the property, joining Landmark at Sibley Square, a 72-unit apartment community for renters 55 and older located on floors seven and eight, and Spectra at Sibley Square, a 104-unit mixed-income community on floors nine through 12.

“The Liberty Lofts at Sibley Square represent the continued transformation of downtown Rochester and the entire city,” said mayor Lovely A. Warren. “I want to congratulate and thank WinnCompanies for completing this project and giving new life to one of Rochester’s most iconic buildings. I am also grateful to Gov. Andrew Cuomo and New York State Homes and Community Renewal (NYSHCR) for supporting this project and so many other projects that help advance our efforts to create more jobs, safer and more vibrant neighborhoods, and better educational opportunities.”

Financing for Liberty Lofts was provided by low-income housing tax credits from the New York Housing and Finance Agency (NYHFA) and purchased by Bank of America; long-term bonds and a construction loan from NYHFA; subordinate loan financing from NYHFA, the NYSHCR, and the New York State Housing Trust Fund; federal historic tax credits administered by the National Park Service and purchased by Bank of America; Empire State Development Restore NY Funds and local capital from the city of Rochester; and deferred developer fees. The New York State Historic Preservation Office played a critical role in the design review of the project.

“The completion of the Liberty Lofts is an exciting new phase for the transformative Sibley Square redevelopment, which stands as upstate New York’s largest investment to utilize the historic tax credit programs,” said Erik Kulleseid, commissioner of the New York State Office of Parks, Recreation and Historic Preservation.

The project was designed by The Architectural Team of Chelsea, Mass., and built by DiMarco Constructors of Rochester. The property is served by two elevators and features four studio, 88 one-bedroom, and 12 two-bedroom units. Amenities include a management office and leasing suite, a resident lounge, common laundry on each floor, a fitness room, and a children’s playroom.

“These unique apartments offer the highest-quality finishes and amenities at an affordable price point for households making less than $70,000 a year,” said David Ginsberg, vice president at WinnDevelopment. “Additionally, these households will benefit from their location in the most convenient building in Rochester, with on-site daycare facilities, co-working offices, multiple restaurants, and a variety of retail establishments under one roof.”

The first floor of Sibley Square features Bank of America and Citizens Bank; a day care at Rochester Childfirst Network; dental services at Eastman Dental; and RIT City Art Space, exhibiting work created by RIT’s College of Art and Design students and faculty. The first floor of the building is also home to the Rochester Police Department and Lifespan, a full-service older adult center.

Coming to the first floor later this fall will be The Mercantile on Main, an urban food hall, and The Commissary, an incubator for dozens of food business entrepreneurs. The second floor features @SibleyWorx, providing furnished offices for small businesses and entrepreneurs interested in short- or long-term commitments for individual offices, suites, or open areas.

In addition to the residential portion of the building, Sibley Square boasts more than 400,000 square feet of Class A office space; 75,000 square feet of retail space; and 68,000 square feet on the sixth floor occupied by NextCorps, a high-tech incubator for start-ups.

WinnCompanies acquired the Sibley property in November 2012 and began a long-term, multi-phased redevelopment with Rochester businessman Gerry DiMarco as the company’s local development partner. WinnResidential, the company’s property management arm, manages the property, which was listed on the National Register of Historic Places in January 2014.