The Hotel Cadillac is moving toward a new life as an affordable housing project, as the city of Rochester moves to loan its developer the final needed pieces of funding.
This month, the Rochester City Council will vote to offer $1.1 million in loans to the project’s developer, Robert Cain of Cain Properties LLC. Of that, $920,000 will be sourced from a housing fund created from federal COVID relief dollars, and $180,000 will be sourced from the budget of the City Council and is part of $1 million earmarked by the Council for affordable housing projects in this year’s budget cycle.
“It's an integral piece to the history of the city of Rochester,” Cain said of the building. “It comes back to when people are visiting downtown and leaving a lasting impression. We want people to see energy, revitalization, and not dilapidated buildings. It's a small piece of the downtown puzzle, of adding to the energy and overall vibrancy of the downtown community network.”
Cain said he had applied for the loans last year and received “soft” approval from the city. The vote this month will formally secure the funding.
To be dubbed the Fine Arts Building Lofts, the over $21 million project is expected to create 42 housing units, largely aimed at those making less than 80% of the area's median income, or $58,200 for a single person. Of the 42 units, 13 will have direct support services provided by the YWCA of Rochester. Those units would be reserved specifically for young adults aging out of the foster care system, or that are at risk of or currently experiencing homelessness.
In total, the development is slated to have 18 studios and 24 one-bedroom apartments. Plans also call for a community room, an artist’s studio, and laundry. The Flower City Arts Center is planning to host an artist's residency at the building. Tenants would also receive free high-speed internet.
In March, Gov. Kathy Hochul announced $6.2 million in low-income housing tax credits for the project. In total, the development is slated to receive over $13 million in state and federal tax credits.The development was originally expected to begin this fall but was delayed both due to the pending authorization of the city funds and a pending change in state law allowing for the transfer of historic property tax credits.
The Hotel Cadillac was built in 1915 and was originally an office building before being converted to a luxury hotel in 1927. Over the years, the luxurious roots of the building on the corner of Elm and Chestnut streets gave way to emergency housing placements, and it decayed before being shuttered in 2018. It has been vacant for the past seven years, and in recent years, pieces of the building have been known to break off and fall to the sidewalk below.
On Tuesday, the Rochester City Council approved moving the funding legislation from its Neighborhood, Jobs, and Housing Committee, setting it for a vote on October 21. Council Vice President LaShay Harris said it has been overdue for a new life.
“For a long time, it’s been a place where a lot of problems have happened,” Harris said. “I’m glad to see it turn around.”
Cain said construction on the building is slated to begin in early 2026 and is expected to take about 16 months. The building is expected to reopen in 2027.
