U.S. Sen. Charles Schumer (D -N.Y.) has announced High Tech Rochester, a non-profit economic development agency, will receive $2.6 million in federal funds from the Economic Development Administration (EDA), in order to construct its new Business Accelerator Cooperative in downtown Rochester.
In the coming weeks, HTR plans to house eight to 12 businesses on the third-floor of the Sibley building, through its new business accelerator project, which will reportedly have a full grand opening, and house 24 businesses overall, sometime next year.
According to Sen. Schumer, the organization’s business accelerator is expected to create 1,000 new jobs within its first five years, including construction jobs, and new jobs that will be created from the startups launched at the facility.
“This federal funding represents the final piece of the puzzle for the Sibley Building’s renovation, and will ensure High Tech Rochester remains a hub of entrepreneurial innovation, and job creation for the region,” Schumer said. “This business accelerator will be a shot in the arm for the Rochester area, and help boost the local economy, attract new companies, and support hundreds of new high-tech jobs downtown. I am pleased the EDA has heeded our call, and decided to make this wise investment in a critical project that will give Rochester the tools it needs to unlock its enormous economic potential.”
According to Schumer, the EDA has awarded the funds for phase one of HTR’s business accelerator project, which will be “an anchor for the redeveloped Sibley building, as well as the new Downtown Rochester Innovation Zone, and complement the planned space that will be created at Sibley for the American Institute for Manufacturing (AIM) Photonics’ workforce development center, and eventually photonic company incubator facilities.”
HTR has also previously received $5 million in state funds for the project.