The Hilton Rochester (former Broadway at Center project)

bubzki2
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Re: The Broadway at Center - Rochester

Postby bubzki2 » May 16th, 2016, 8:06 am

Financing is still pending. It's glacial.

bubzki2
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Re: The Broadway at Center - Rochester

Postby bubzki2 » May 26th, 2016, 7:51 am

"Work to start soon on 23-story tower"

http://www.postbulletin.com/news/local/ ... 9e2b9.html

mattaudio
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Re: The Broadway at Center - Rochester

Postby mattaudio » May 26th, 2016, 9:32 am

The city is working with Chafoulias on the project to build an attached public parking ramp behind the Broadway at Center tower. The city is eager for the needed parking project to begin.
I just threw up in my mouth a little.

matthew5080
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Re: The Broadway at Center - Rochester

Postby matthew5080 » May 26th, 2016, 11:33 am

It's about time that this starts moving forward. I'm excited for this :D

matthew5080
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Re: The Broadway at Center - Rochester

Postby matthew5080 » June 23rd, 2016, 3:22 pm

And the project is stalled, yet again.

https://www.facebook.com/PostBulletin/p ... 9906898132

bubzki2
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Re: The Broadway at Center - Rochester

Postby bubzki2 » June 23rd, 2016, 4:15 pm

Not even a little surprised.

mattaudio
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Re: The Broadway at Center - Rochester

Postby mattaudio » July 7th, 2016, 2:16 pm

Broadway at Center loses Saudi investor
http://www.postbulletin.com/news/local/ ... 8801e.html

matthew5080
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Re: The Broadway at Center - Rochester

Postby matthew5080 » July 7th, 2016, 7:30 pm

In their announcement, Titan Development said the stakeholders in the project — including Chafoulias, the city of Rochester, Kraus-Anderson Construction Co., local unions and lenders including Dougherty Funding LLC, West Bank, local union pension funds through their adviser, Whitestar Advisors LLC and Premier Bank — met their obligations to close a $105 million loan for the project.
Sad that it's the Saudi investors that couldn't keep up their end of the bargain. This tower seems like it's been in development hell for years now.

bubzki2
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Re: The Broadway at Center - Rochester

Postby bubzki2 » July 8th, 2016, 7:26 am


Thorondor
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Re: The Broadway at Center - Rochester

Postby Thorondor » December 15th, 2016, 10:09 pm

http://www.postbulletin.com/news/heard_ ... c84a5.html
The word is that an announcement about the financing for Rochester's long-delayed $145 million Broadway at Center project could be coming soon.

Rochester developer Gus Chafoulias has plans to build a 23-story building featuring a hotel, apartments and commercial space on the southeast corner of Broadway Avenue and Center Street.

Broadway at Center first was announced in March 2014 and lately has been awaiting a $105 million loan from Minneapolis-based Dougherty Funding LLC to help finance the project. That loan stalled in June, when a Saudi Arabian investment group failed "to fulfill its obligations."

Now, the word is Broadway at Center may end 2016 on a high note with good news about the financing and the future of the project.

Insiders say an announcement is expected "sometime in mid-December."
Hope this finally gets financed! Been waiting for over 3 years.

matthew5080
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Re: The Broadway at Center - Rochester

Postby matthew5080 » December 16th, 2016, 1:19 am

Wow, now that would be something. Not holding my breath, as this is a song that's been sung more than once by Titan.

mattaudio
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Re: The Broadway at Center - Rochester

Postby mattaudio » December 16th, 2016, 9:50 am

I thought this project has existed in one form or another for well longer than 3 years...

Thorondor
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Re: The Broadway at Center - Rochester

Postby Thorondor » December 16th, 2016, 10:16 am

True. I think the first announcement in the paper was summer of 2013, but it traces back all the way to the Time Square project from the late 1990s.

matthew5080
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Re: The Broadway at Center - Rochester

Postby matthew5080 » December 16th, 2016, 10:19 am

True. I think the first announcement in the paper was summer of 2013, but it traces back all the way to the Time Square project from the late 1990s.
I thought Times Square is what Titan submitted for their bid on the Broadway Plaza site?

Anyway, the Broadway at Center project was approved several years ago by the DMC Board and City Council but has basically been going through financing issues every since. After the loss of their saudi investor this past summer it seemed like the project would never actually hit the ground, but allegedly this December there will be forward movement.

Thorondor
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Re: The Broadway at Center - Rochester

Postby Thorondor » December 16th, 2016, 10:53 am

From what I've heard, Titan's current Broadway at Center project grew out of their failed plans for Times Square. They took some of the same ideas, but scaled them down for the current site.

matthew5080
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Re: The Broadway at Center - Rochester

Postby matthew5080 » December 23rd, 2016, 3:15 pm

Titan Development and Investments announced Friday that it has reached an agreement to develop the project with Harbor Bay Real Estate Advisors. Crews are expected to begin clearing the site by the end of the year.
http://www.themedcitybeat.com/news-blog ... -rochester

Minneboy
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Re: The Broadway at Center - Rochester

Postby Minneboy » December 24th, 2016, 1:55 pm

Awesome. Too bad the design isn't better and the loss of floors but still will, like the article said, will change the skyline.

matthew5080
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Re: The Broadway at Center - Rochester

Postby matthew5080 » December 26th, 2016, 11:17 am

Apparently the name of the building has changed from Broadway at Center to simply being "Hilton".

Cost estimates haven't been revealed since the scaled-down tower was announced.
No cost estimates for the project were releaset. The most recent incarnation of the project was estimated to cost about $145 million. Friday's announcement said that First National Bank of Omaha is leading the financing, with help from Bremer Bank.
Then there's this funny quote from the PB (which also states that the project will start before the end of the year)...
The significant changes in the project may mean it needs to return to the Rochester City Council and the Destination Medical Center Corp. Board of Directors, though city officials couldn't be reached late Friday for comment.
http://www.postbulletin.com/news/local/ ... afbdb.html

matthew5080
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Re: The Broadway at Center - Rochester

Postby matthew5080 » December 28th, 2016, 6:03 pm

Apparently demolition has started to make way for the new tower!

matthew5080
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Re: The Hilton Rochester (former Broadway at Center project)

Postby matthew5080 » January 3rd, 2017, 12:00 pm

The project formerly known as Broadway at Center was originally going to be a 23-story mixed-use project and was estimated to cost $145 million. It's now a 19-story Hilton hotel with retail and a restaurant, and the price has gone down to about $124 million according to city officials
http://www.postbulletin.com/news/answer ... 1848a.html


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