ROCHESTER, N.Y. — A re-imagining for one of the most iconic and historic buildings in the city of Rochester.

Xerox Tower will now become Innovation Square.

Gallina Development Corporation is transforming the building into a collaborative college campus, hosting 500 students from multiple universities including Rochester Institute of Tehcnology and the University of Rochester.

President of the development corporation Andrew Gallina shared details Friday.

He says it took two years of research to come up with the project, which he believes will promote not only spending in downtown, but will also create new opportunities for start-ups and high-tech companies.

Seven of the floors will remain office space. The rest will include student housing, a gym, art gallery space, as well as an arena that Gallina says will be used to bring esports to Rochester.

There will also be a small outdoor event space for concerts, and the ground level will be street accessible and include shops, a bookstore, and a cafe.

Students will be able to take classes at the campus.

"We talk about this phrase, academic collisions, and what we mean by that is students with different and varying interests, from different colleges and universities, coming together and sharing their ideas, interacting in ways that is simply not possible on their respective campuses," said Gallina.

Rochester Mayor Lovely Warren released a statement on Innovation Square, saying: "By bringing students, high-tech businesses and the community together, this project will create more jobs, safer, more vibrant neighborhoods, and greater educational opportunities. I can’t wait until we can see all these students enjoying Party in the Park, the jazz festival, and all our city has to offer."