The 15,000-square-foot building will include an incubation laboratory that will offer high-tech entrepreneurs a space for collaboration. Area 10 Labs, a company owned by the Downs, is expected to be the building's first tenant.

The couple is now in the process of submitting an application for the property to be listed on the National Registry of Historic Places. When the designation is received, they will apply for historic tax credits — putting them in line to be the first developer in Rochester to ever utilize the program.

"Tying Rochester to the roots of where it came from, and at the same time looking toward where it's going, can all be embodied in a place," said Downs. "And that's our hope for this building."

The Downs are working with 9.Square, a local architecture and urban design firm that focuses on finding new ways to use existing buildings. The company is behind several downtown projects including Limb Lab, The Doggery and the recently-opened Grand Rounds Brewpub.

Preliminary plans call for two main tenants and a large co-working space on the second floor, with room for a cafe or restaurant on the ground level. There is also room in the basement for additional workspace.

The property — which is now home to Words Players Theatre — is located in the Destination Medical Center's Discovery Square district. The development plan calls for the area south of Second Street to be transformed into a world-class place for science, education and technology.