ROCHESTER, N.Y. -- The proposed development project at the Port of Rochester is dead. Michigan-based developer Edgewater Resources failed to meet the city's deadline for financing.
Edgewater was hired to build a 10-story luxury hotel, condominiums and shops on Lake Avenue near Corrigan Street at the port. It had to have financing in place by June 30 in order to move forward.
When that didn't happen, the city pulled the plug on Edgewater's plan.
"Ultimately, we had to due diligence at City Hall and the mayor said, 'show me how you're going to make this project happen, show me the financing.' They didn't do that, they asked for more time and for them, unfortunately, it's just not in the offing more time," said Jim Smith, city spokesperson.
"While completion of funding took longer than we originally anticipated, and we are disappointed to learn of the city’s decision to release a new RFP for the development of the Parcel One site, we respect the city’s decision," said an Edgewater company spokesperson. "We would like to express our deep appreciation to everyone in the community who worked with us to make the project one we would be proud of, as well as our firm belief in a bright future for Charlotte."
The city is re-opening the bidding process to develop the parcel of land between Lake Avenue and the new marina.