University of Rochester buys College Town for $51.5M, eyes better connections with campus
Update: College Town's sale price was $51.5 million, according to a record of the sale filed Monday, July 31, with the Monroe County Clerk's Office.
The original story continues below:
The University of Rochester announced this week that it had completed the purchase of College Town.
In a statement announcing the deal, university President Sarah Mangelsdorf said UR wants to “build a greater sense of community and connectedness” between the campus and the complex.
College Town opened in 2014, located at the edge of the UR campus but promising something of a downtown for students, faculty and staff with places to shop, dine, stay and live. That includes a Barnes & Noble that doubles as a college bookstore.
Today, the lofts are fully rented and the commercial space is 90% occupied.
UR’s interest in buying the complex first was reported back in January.
The university owns the land. The purchase from CT Rochester LLC is for everything developed on the 14-acre site – excluding the Hilton Garden Inn. CT Rochester is a joint venture of Providence-based Gilbane Development Co. and Cleveland-based Fairmount Properties LLC, the original developers of the complex.
The purchase price was not disclosed, and paperwork was not yet filed with the Monroe County Clerk's Office at the time of this report.