Downtown Rochester's Columbus Building Adding 30 New Apartments

Historic Building Conversion Strengthens Downtown Rochester Housing Market

Excelsior Communities is planning to convert three floors of commercial space into 30 new apartments at the historic Columbus Building in downtown Rochester, representing a major revitalization of one of the city's landmark structures. The project, valued at $7.924 million, will increase the total residential units at the Residences at the Columbus Building from 101 to 131 apartments, according to an application filed with the County of Monroe Industrial Development Agency (COMIDA).

Project Scope and Renovation Details

The Columbus Building, constructed in 1929 and located at 50 Chestnut Street, stands as one of Rochester's historic architectural icons. Beyond the apartment conversion, the renovation project includes renovations of the lobby and hallways and the reopening of the fitness club, comprehensively modernizing the building's common areas and amenities.

In its application for tax incentives, Excelsior Communities noted that "the age and prior use of the property make conversion and modernization particularly costly." The company is seeking $343,763 in sales tax and mortgage recording tax exemptions from COMIDA to help bridge the funding gap.

Downtown Rochester Revitalization Impact

The project directly addresses long-standing challenges in downtown Rochester. According to the COMIDA application, much of the commercial space has remained vacant for years. By converting this space to residential use, the project will "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."

This adaptive reuse strategy is a proven revitalization approach that benefits downtown cores across the nation. Historic buildings like the Columbus Building present unique opportunities to create housing where traditional new construction may not be feasible or cost-effective.

Developer Background and Portfolio

Excelsior Communities is a growing real estate investment firm that acquired the Columbus Building in September 2025 from Daniel Elstein's Trason Global Realty of Syracuse. That transaction also included the acquisition of two other multifamily properties: 88 on Elm and the Terminal Building.

According to COMIDA filings, Excelsior Communities' ownership group for the Columbus Building consists of nine partners, with Sam Einhorn and Pinchus Einhorn together controlling 71.5 percent of the property. The firm owns just shy of 3,000 residential units across a dozen properties in the Greater Rochester Area and operates three additional apartment communities in Maryland, demonstrating significant experience in residential property management and development.

What This Means for Contractors and the Construction Industry

The Columbus Building project represents significant construction opportunities for contractors specializing in residential conversion work, interior renovation, mechanical and electrical upgrades, and historic preservation. The complexity of working within a 96-year-old building presents opportunities for contractors with expertise in adaptive reuse projects and building code compliance for historic structures.

The $7.924 million investment will generate work for multiple trade specialties including:

• Structural and building system upgrades required for modern apartment standards
• HVAC, plumbing, and electrical modernization throughout the converted floors
• Interior finishing for apartment units and common areas
• Accessibility improvements to meet current building codes
• Fitness club reopening requiring specialized finish work and equipment installation

Downtown Rochester Housing Strategy

The Columbus Building conversion aligns with downtown Rochester's broader housing strategy to increase residential density and attract new residents to the Center City neighborhood. The project comes at a time when Rochester is experiencing significant growth driven by the Destination Medical Center initiative and Mayo Clinic's major capital investments.

Recent comparable projects in downtown Rochester demonstrate the market opportunity: Riedman's The Neisner at East End (October 2025), CSD Housing's Center City Courtyard (September 2025), and the proposed Citywalk apartments ($150 million, 340 units) all reflect strong investor confidence in downtown residential development.

Market Context and Future Outlook

Rochester's real estate market has shown notable strength. According to recent forecasts from Realtor.com, Rochester home prices are expected to jump 10.3% in 2026, one of the nation's largest increases and the fourth-highest spike among the country's top 100 metropolitan areas.

The Columbus Building project will contribute to increasing the residential supply in downtown Rochester, supporting the city's 2040 Comprehensive Plan goal of adding 24,000 new housing units to accommodate 55,000 new residents by 2040.

What to Watch Next

The project is pending COMIDA approval of the tax incentives. Once approved, construction timelines and detailed renovation plans will likely be announced. The project's completion will add another success story to downtown Rochester's revitalization narrative and further establish the city as a prime location for historic adaptive reuse and residential investment.