RIT development breaks ground
By MARY STONE
Rochester Business Journal
June 22, 2007
Wilmorite Properties Inc. broke ground Friday on a $75 million privately developed retail and housing community at Rochester Institute of Technology called Park Point at RIT.
Previously called College Town, Park Point will be located in Henrietta at the corner of Jefferson Road and John Street. The development is owned by Wiljeff LLC, which is run by Paul Wilmot and his brother, Thomas Wilmot Jr., sons of Wilmorite chairman Thomas Wilmot. Wilmorite Inc. is the builder for the project.
The development comprises approximately 60 acres in the northeast corner of RIT’s campus. The college and Wilmorite have been collaborating on the project for a couple of years.
According to Wilmorite’s Web site, the site will include 80,000 square feet of retail space and 924 beds. Wiljeff owns the property and will manage operations there.
The development will feature two mixed-use buildings, two freestanding retail properties and, as an anchor, a two-story Barnes & Noble campus book store.
The community is schedule to open August 2008, with Wilmorite preleasing apartments this September.
In April, the County of Monroe Industrial Development Agency approved tax breaks. They total $7.8 million, including $5.7 million in property tax abatements and $2 million in sales tax exemptions, over 10 years for project developer Wiljeff LLC, a Wilmorite subsidiary.