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Rochester Economic Development Corporation buys Bull's Head Plaza

Rochester Mayor Lovely Warren says that the Rochester Economic Development Corporation, (REDCO) has purchased Bull’s Head Plaza. 

That’s a shopping center at the corner of West Main and Genesee Streets.

Warren says this move is being made to advance the ongoing revitalization efforts in the Bull’s Head neighborhood.

"Bull’s Head Plaza is a large and significant commercial property in the heart of a neighborhood that has suffered from neglect for far too long,” said Mayor Warren. “Taking control of this property helps end the cycle of decline and establishes a solid foothold to restore the Bull’s Head neighborhood to its place of prominence as Rochester’s western gateway.”

REDCO and the seller, GW Capital Asset Management, closed the $1 million purchase Friday after a foreclosure auction was held in June. REDCO is a non-profit economic development corporation operated in partnership with the City to stimulate business investment and job creation.

A statement released by Warren’s office says that the REDCO Board and the city were concerned that the plaza would be purchased by a for-profit Real Estate Investment Trust, and under that scenario, city officials say the plaza could deteriorate to the point that the property would need to be condemned which would add several years to revitalization efforts in the Bull’s Head area.

Randy Gorbman is WXXI's director of news and public affairs. Randy manages the day-to-day operations of WXXI News on radio, television, and online.