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November 13, 2013

1st DMC project applies for downtown Rochester demolition

Titan Ventures, which is owned by Rochester's Chafoulias family, plans to build a multi-use entertainment complex on the site of the long empty C.O. Brown building on South Broadway in the heart of downtown.

This is the project that has been earmarked as the first beneficiary of funding via the Destination Medical Center development pipeline. A special redevelopment tax-increment-financing district has already been approved to raise $300,000 to cover Oldcobrownthe asbestos removal and demolition of the building at 300 S. Broadway.

I assume the asbestos has been yanked out, because City Center I LLC submitted an application Tuesday for the demolition of the building down to the footings and foundation.

Now it's just a question of when the demo work will start. It was pretty quiet on site today. Cobrowndemopermit

There's also the question of exactly what will be built.

In September, Mark Steege, chief financial officer for Titan Ventures, told the Rochester City Council that there has been a lot of interest in the project. In May, Titan CEO Andy Chafoulias initially announced he planned to build a three-story building with an Italian restaurant, rooftop bar and a jazz/blues basement lounge.
"There is a significant possibility that (the project) could grow by three to four floors just due to the interest we've had," Steege said back in September.

The last I heard the details had still not been worked out, though that may have changed.

I'm checking with Titan about those assorted loose ends.

Speaking of details, here's more on the funding for the financial wonks out there.

The pay-as-you-go TIF is described by the city's senior administrative analyst Terry Spaeth as essentially reimbursing the annual taxes the developers will pay, once the project is complete. He estimates the earliest Titan could see a payment is 2016


Another way of describing the TIFs is a low interest loan for the developer. They get work down up front and pay it off slowly over time. Either way, that's money that's not going into the general fund to cover fire, police and other services that development will be using.

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