University of Rochester now owns College Town

Marcia Greenwood, Rochester Democrat and Chronicle
Updated ·2 min read

The University of Rochester has completed its purchase of College Town from CT Rochester, LLC, the school announced Friday.

Meliora Development Company, LLC, a newly formed for-profit affiliate of the university, now owns the mixed-use development in Rochester's Upper Mt. Hope Neighborhood and is responsible for managing the property and recruiting additional commercial tenants.

The price was not disclosed.

Meliora Development will assume CT Rochester’s payments on a 20-year payment-in-lieu-of-taxes, or PILOT, agreement that runs through 2032 and totaled $8.4 million when it was approved.

The University of Rochester has completed its purchase of College Town, a massive mixed-use development anchored by a 20,000-square-foot Barnes & Noble.
The University of Rochester has completed its purchase of College Town, a massive mixed-use development anchored by a 20,000-square-foot Barnes & Noble.

The university considers the 312,000-square-foot complex, which opened in 2014 and is anchored by a 20,000-square-foot Barnes & Noble, the gateway to its River Campus and the University of Rochester Medical Center campus.

College Town also includes a CVS Pharmacy; a parking garage; and the Mt. Hope Lofts, 154 apartments, 10 of which are designated as affordable housing units.

The sale does not include the 136-room Hilton Garden Inn on Elmwood Avenue, but the university owns the land on which the hotel sits and will continue to lease it to the hotel’s owner.

In a statement, University President Sarah Mangelsdorf said the school’s goal is “to build a greater sense of community and connectedness for students, employees, patients, visitors and neighbors. The University’s new Strategic Plan and a planned update to the institutional campus master plan launching later this year will provide opportunities to reimagine how the development fits into University life.”

CT Rochester — a joint venture of Providence, Rhode Island-based Gilbane Development Co. and Cleveland, Ohio-based Fairmount Properties LLC — developed, owned and managed College Town on land it leased from UR.

In the summer of 2022, CT Rochester announced its intent to sell, which is when talks with the school began.

Reporter Marcia Greenwood covers general assignments. Send story tips to mgreenwo@rocheste.gannett.com. Follow her on Twitter @MarciaGreenwood.

This article originally appeared on Rochester Democrat and Chronicle: University of Rochester now owns College Town in Rochester NY