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September 12, 2013

Another downtown Roch. building sells

Another downtown Rochester building has sold to a local developer as the Destination Medical Center-driven rush to buy property continues.

The building at 12 Fourth St. S.W. was purchased for $400,000 on Aug. 30 by AC Acquisitions LLC of Rochester, a Titan Development & Investments company. The 63-year-old building was sold by Roberta Herrell.

Titan is locally owned by the Chafoulias family, with Gus Chafoulias as chairman of the board and Andy Chafoulias as CEO.

The purchase is described as "a forward thinking investment" by John Beltz, Titan's vice president of brand management and development.

IMG_20130909_141341_696With no specific plans in the works, Beltz says no immediate changes are expected. Words Players, the nonprofit youth theater group using the building, will remain as a tenant.

The Chafoulias family has spearheaded a number of major developments in downtown Rochester in the past, including Shops at University Square Mall and the Doubletree Hotel. Two recently proposed Chafoulias projects that were announced in the wake of the DMC wave include a hotel/apartment complex on North Broadway and a multi-use building on South Broadway expected to feature an Italian restaurant, jazz/blues bar and other businesses.

The Fourth Street building stands adjacent to a rambling 15,000-square-foot building at 405 S. Broadway, which a nonprofit group hopes to demolish and re-develop as a four-story arts center, to be called the Rosie Belle Performing Arts Theatre.

Jan Daly, the founder of the Rosie Belle organization, said whatever eventually happens with the Fourth Street building should not impact her project.

"There's no change with our vision or mission," she said.


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