back
City Chooses to Pass on Midtown (Update)
City Likely to Pass on Midtown
Last Update: Feb 14, 2007 7:14 AM
(Rochester, N.Y.) It appears the city is going to pass on buying Midtown Plaza in downtown Rochester.
Mayor Robert Duffy told City Council Tuesday night that
he will likely let the option to buy Midtown for $6 million
expire on Wednesday.
Late last year, the city put down a $250,000 nonrefundable deposit to hold Midtown at that price. The city has also spent money to study the property.
The city had been in talks with Riedman Properties to make the mall an Italian-themed shopping center.
Riedman, however, has not been able to cement a deal with officials in Parma, Italy. Riedman also has not been able to secure an extension of the city‰s option to buy Midtown.
Duffy said, ãAs of tonight, we are not going to pursue that option. But I hold out a great degree of hope that something will happen in a manner that does not put the city in a position of financial liability."
However, Duffy said the ãMade in Italyä deal is not dead. He said Riedman would likely have to buy Midtown or portions of the complex if the company wants to further the concept.
The door is now open for an out-of-town buyer to come in, something the mayor does not want to happen.
Duffy said two local business leaders have expressed interest in Midtown, although they have not come up with viable proposals.
back
