Chafoulias Project Ready for DMCC Review
It appears the latest downtown development project proposed by Rochester developer Gus Chafoulias is heading down the home stretch.
The City Council has been told the proposed Broadway at Center project is expected to be formally presented to the DMC Corporation Board at its March 26th meeting.
City Administrator Steve Kvenvold says Chafoulias has finalized his financing for the project, which calls for a large hotel, apartment, office and retail complex at the corner of Broadway and East Center Street.
The board is expected to be asked to certify the $130 million project as part of the DMC initiative. If so, it would become the first project to receive credit as part of the private sector contribution requirement included in the DMC law. Kvenvold also expects the city will ask the board to include the $10 million parking ramp as part of its required public contribution.
The DMC law provides state funding for the initiative once certain public and private financial thresholds are reached.
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