Developer backs out of Seneca Building site in Rochester
(ABC 6 News) – Titan Development and Investments, a Rochester-based development and real estate company, said Friday that it will not move forward with the development of the Seneca Site near the corn tower.
In August, Rochester Area Economic Development Inc. (RAEDI) said Titan Development was the highest-ranking proposal for developing the 11acres.
Since then, Titan said in a press release that Olmsted County and Titan Development were unable to come to an agreement on the details of the development.
“We were excited to be selected to have the opportunity to negotiate” said Andy Chafoulias, CEO of Titan Development. “Our uses for the land would have been meaningful and attractive to the local community. The project would have been influential in generating real estate taxes, sales tax and hundreds of jobs.”
RAEDI Director of marketing and communications, Molly Schmidt released the following statement:
“RAEDI is no longer involved with the former Seneca Site project. RAEDI completed its part of the process in August when Titan was selected through the SOI process. RAEDI was not part of the negotiations with Titan and Olmsted County once the SOI process was complete.”
No one from Olmsted County were immediately available for comment Friday.