RIT to receive $1.5 million grant for new downtown urban entrepreneurship center

Posted at: 07/02/2013 9:36 PM
Updated at: 07/03/2013 6:05 AM

The former Rochester Savings Bank in downtown Rochester will soon be the site of RIT's new downtown urban entrepreneurship center.

Senator Schumer announced a $1.5 million grant had been secured through economic development administration for the project. Schumer has long fought for the funding needed to renovate the historic building for RIT.

Senator Schumer said, "First it will give RIT, which is a regional economic powerhouse, a physical footprint right in the heart of downtown to base workers and staff in the city center. Second, RIT is renovating a historic building that's in an underdeveloped part of downtown, so it will be an anchor to stabilize the area. Third, it will be the launching pad for a host of new urban entrepreneurs that once successful can expand to existing downtown storefronts to push Rochester's economic development to new heights."

During a press conference Tuesday, the senator explained what this project will mean for Rochester. 

Senator Schumer says there will still be a final review of paperwork before the project can move forward but he says it should be finalized by early next month.