Rochester City Council just approved the transfer of $20 million in state funding toward demolition of the long-vacant Terrence Building on Elmwood Avenue.

The proposed redevelopment covers roughly 27.5 acres and could ultimately bring more than 500 affordable and market-rate housing units, along with mixed-use development.

That's a meaningful opportunity for Rochester, but there's a big difference between funding demolition and delivering new housing.

From an investment and development perspective, I'm watching several milestones:

• Demolition: When will asbestos abatement and demolition actually begin and finish?

• Site readiness: What additional infrastructure, environmental or site work will be needed?

• Financing: When does the first phase have committed capital and a viable development plan?

• Delivery: How many units will realistically come online, in what phases, and on what timeline?

I wouldn't adjust rental projections or neighborhood valuations based solely on the announcement. The project has real potential, but the execution matters.

For those involved in development, brokerage or investing in Rochester and other Upstate NY markets:

What's the milestone that would make you start treating this project as a real housing pipeline rather than a redevelopment proposal?

Source: https://www.wxxinews.org/local-news/2026-10-21/the-terrence-building-has-been-vacant-for-30-years-its-inching-toward-demolition