It’s becoming more likely a performing arts center and perhaps a casino will fill Midtown’s Parcel 5.
The city revealed only two proposals came in for the 1.1-acre site on Main Street. The city won’t allow us to look at the proposals and I haven’t heard back from the two developers on what they have in mind.
The city spent at least $70 million dollars to tear down the mall and get that property shovel-ready. It’s supposed to be prime real estate. It is in the heart of downtown Rochester.
It turns out, few want to take a chance, at least right now. Buckingham has yet to prove it can finish the Tower at Midtown project without founder Larry Glazer. We don’t even know what Buckingham is now capable of pulling off at the building. Glazer’s grand plans are over. Meanwhile, the office market downtown is terrible, so you can’t put that in any building plans. Finally, retail is the great big unknown.
The market just told us Parcel 5 is risky.
The city’s two top choices are likely to let Parcel 5 sit empty or try like hell to get a performing arts center built.
Here’s what may happen: The Senecas will likely look to Rochester to blunt the impact of Tom Wilmot’s Lago casino. They may offer to build a theater at Midtown along with a casino. That solves the city’s Parcel 5 problem and could easily be sold as “economic development.” (Casinos and theaters come with their own costs, of course.) The irony is that this is what Wilmot proposed more than a decade ago. Then-Mayor Bill Johnson said no. But I wouldn’t be surprised if Mayor Lovely Warren gives an enthusiastic yes.
Wilmot is not the only person to have identified Midtown as a good place for a casino.
I have reported that back in July, Delaware North, which owns the Finger Lakes Gaming & Racetrack, entered into a Memorandum of Understanding with the city to put a performing arts center at Midtown. Delaware North would have run the theater, possibly even buying naming rights, per sources.
Why would Delaware North get involved? To prevent the Senecas from doing the same. The Senecas wouldn’t be able to offer a performing arts center in return for allowing a casino. Nothing came of the MOU, as sources say Glazer’s death complicated the picture, as he was working with Delaware North on the idea. With Delaware North now out of the picture, the door is probably wide open for the Senecas.
Few developers were willing to gamble on Parcel 5. The Senecas, however, might.
Links of the Day:
– Here’s a great look at the federal prosecutor who had Sheldon Silver arrested on corruption charges.
– The state won’t let schools know how much aid they’re getting unless lawmakers pass governor’s education “reform agenda.”
– Four of the top five trending jobs in Rochester are low-wage.
– Three Heads Brewing is considering building a facility on University Ave. in Rochester.