Downtown Rochester Historic Building Converts to 30 New Apartments

Excelsior Communities Plans $7.9M Conversion at Historic Columbus Building

Excelsior Communities has announced plans to convert three floors of commercial space into 30 new apartments at the Residences at the Columbus Building in downtown Rochester, expanding the historic property's residential footprint while addressing the city's housing shortage.

Project Scope and Investment Details

The ambitious conversion project will increase the total units at the Columbus Building from 101 to 131, adding 30 new residential units to downtown Rochester's residential inventory. Beyond new apartments, the project includes:

The renovation is projected to cost $7.924 million. In an application to the County of Monroe Industrial Development Agency (COMIDA), Excelsior Communities requested $343,763 in sales tax and mortgage recording tax exemptions to help bridge the funding gap.

Commercial-to-Residential Trend

Excelsior Communities notes that "the age and prior use of the property make conversion and modernization particularly costly" and that the tax savings will help make the project financially viable. The project is expected to "eliminate long-standing vacancies and breathe new life into one of Rochester's historic structures, helping to strengthen the revitalization of the Center City neighborhood while providing much-needed quality housing in a prime downtown location."

About the Columbus Building

The historic Columbus Building, located at 50 Chestnut Street, was constructed in 1929 and represents one of Rochester's architectural landmarks. Built during the city's prosperous manufacturing era, the building stands as a testament to early 20th-century commercial construction and design.

Excelsior Communities Acquisition and Ownership

Excelsior Communities acquired the Columbus Building in September 2025 from Daniel Elstein's Trason Global Realty of Syracuse, as part of a three-property acquisition that included two other multifamily assets:

Excelsior Communities' ownership group for the Columbus Building includes nine partners. Sam Einhorn and Pinchus Einhorn together control 71.5% of the property ownership, as documented in the COMIDA filing.

Excelsior Communities' Regional Presence

The conversion demonstrates Excelsior Communities' strong commitment to the Rochester market. The company currently owns just shy of 3,000 residential units across a dozen properties in the Greater Rochester Area. Beyond Rochester, the firm also operates three apartment communities in Maryland, positioning it as a significant regional real estate operator focused on residential development and property management.

Impact on Rochester's Downtown Revitalization

This project aligns with the broader downtown Rochester revitalization trend. Converting underutilized commercial space into residential units addresses multiple economic challenges: reducing downtown vacancies, creating residential density that supports retail and services, and providing housing options in a prime downtown location. The project signals confidence in Rochester's downtown market and contributes to the city's shift toward mixed-use, walkable neighborhoods.

What This Means for Construction and Development

The Columbus Building conversion represents the type of adaptive reuse project that defines modern urban revitalization. For construction managers and specialty contractors, historic building conversions require expertise in:

This project also demonstrates the role of tax incentives in making downtown revitalization projects financially viable. The $343,763 in requested COMIDA incentives—while modest relative to project costs—can be the difference between a project that breaks even and one that delivers returns for developers and investors.

Rochester's Residential Development Momentum

The Columbus Building conversion joins other significant downtown Rochester residential projects announced in recent months, including the $72 million Gateway Apartments and the Pulte Homes Del Webb senior living community with 317 homes. Together, these projects signal sustained investor confidence in Rochester's residential market and the downtown area's appeal as a mixed-income, walkable neighborhood destination.