A group of business leaders and developers announced a new “Race for the Space” competition Aug. 27, in which participants will compete for a 5,000 sq. foot space at 127 East Ave., in downtown Rochester.
According to organizers, for a fee of $495, the competition will give participants an opportunity to work with industry experts to develop a business plan, which they will then pitch to a panel of judges.
The winner will get the space rent-free, for one year.
Young Entrepreneurs Academy founder Gayle Jagel helped develop the contest, which she said has been designed to “invigorate the downtown area, breathing new life into spaces that are just waiting for a thriving, vibrant business to move right in.”
Rochester Downtown Development Corporation, the city of Rochester, Monroe County, the Max and Marian Farash Charitable Foundation, DHD Ventures, Buckingham Properties, and the Victor E. Salerno Center for American Enterprise at St. John Fisher College have also partnered with Jagel in developing the competition.
According to officials, the deadline for applicants is Sept. 14, and contest organizers will unveil the winner on Black Friday, Nov. 28.
Buckingham Properties will reportedly also donate retail space, at Legacy Tower and the Glass Pavilion next to Xerox, for a second phase of the project.