University of Rochester buys College Town
ROCHESTER, N.Y. (WROC) — College Town, the development and neighborhood adjacent to University of Rochester, opened in 2015, after much anticipation.
In 2015, the stretch off Mt. Hope Ave. was described as “making the University of Rochester and the City of Rochester a much more desirable place.”
However, the development proved hard to maintain, and since its opening, many of the businesses there closed.
The University of Rochester announced this week that they have bought College Town, and created a new company — called Meliora Development Company LLC — to manage, maintain, and build the neighborhood back up.
According to UR’s website, College Town currently has:
Restaurants
Retail
Class A office space
CVS Pharmacy
A 20,000-square-foot, two-level Barnes & Noble
A parking garage
Mt. Hope Lofts (154 total units, 10 affordable housing units)
“With our purchase of College Town, we aim to build a greater sense of community and connectedness for students, employees, patients, visitors, and neighbors,” said University President Sarah Mangelsdorf in a statement on their website. “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.”
Source: RochesterFirst
