Rochester, N.Y. - Senator Charles Schumer announced Tuesday that the Rochester Institute of Technology will receive a $1.5 million award for its new urban entrepreneurship.

The award comes from the Economic Development Administration and will help RIT renovate the historic Rochester Savings Bank on Franklin St.

The building will be the new home of RIT’s new Urban Entrepreneurship Center. The building will house new workers, start-up businesses, and entrepreneurs to receive technical expertise and training from RIT.

Renovations will be made in the now unoccupied portion of the building, consisting of approximately 25,000 square feet, as well as updates to the building's mechanical, electrical, plumbing systems and basement/utility areas.

The total project will cost approximately $4 million and construction is slated to take 15 months once it begins.