Windstream Joining $122 Million Rochester Midtown Project
by March 26, 2012 12:44 pm 147 views
As a condition for closing its $2.3 billion merger with PAETEC last year, Little Rock-based Windstream Corp. agreed to maintain a major presence in downtown Rochester, New York.
Today, details of the telecom’s investment were announced.
Windstream will locate 335 jobs in a $122 million public-private redevelopment project known as Midtown Rising aimed at revitalizing Rochester’s urban core. The new facility is expected to be completed by late summer 2013.
“These 335 good-paying Windstream jobs are going to be the anchor of Rochester’s downtown development. With Windstream paving the way, we’re set to turn the defunct Midtown site from a blight that chased away new development to the cornerstone of downtown’s redevelopment,” said U.S. Senator Charles Schumer (D-New York) in a press release tied to the announcement of the project. “I’m thrilled to be a part of today’s groundbreaking, and will continue to do anything and everything I can to grow the Midtown area and help bring downtown back to its glory days.”
Jeff Gardner, Windstream president and CEO, said his company was proud to be part of revitalizing the city’s inner core and he hoped Windstream’s commitment would anchor more development in the area.
“Rochester is a wonderful city with a bright future,” Gardner said. “Windstream chose to retain a significant presence here because it is home to a large number of tremendously talented information technology and telecommunications professionals. I expect those professionals to help us grow our business for years to come and look forward to Windstream having a long and productive role as a good corporate citizen of Rochester and the greater Rochester area.”
Windstream will occupy two floors and more than 66,000 sq. ft. of a three-story, 109,000 sq. ft. building.
New York State provided $55 million for the Midtown Rising project, $44 million of which was used for the asbestos remediation and demolition of six buildings covering more than eight acres that make up the Midtown site.
The federal Department of Housing and Urban Development provided $5.9 million in federal Community Development Block Grant funding to help finance the Seneca Building redevelopment. County officials also allowed sales tax mortgage record fee exemptions as part of the deal. Private investment made up the bulk of the remainder of the project’s financing costs.