M&T Bank says it has closed on a $36.5 million loan to provide the final piece of financing for the Midtown Tower project in Rochester.
The renovation of that 17 floor building that was previously part of the Midtown Plaza shopping mall will include three floors of retail and office space and 181 apartments.
“We’re very excited to help bring Larry Glazer’s vision for this building to fruition. The Tower at Midtown is one of the most important development projects in Rochester heading into 2015 and the successful completion of this project by Buckingham Properties and Morgan Management...will be another positive step that could potentially attract additional investments in the city,” said M&T Bank Regional President Dan Burns.
“We see this project’s success as a symbol of the true revitalization of downtown,” said Ken Glazer, Managing Partner of Buckingham Properties . “The Tower at Midtown redevelopment begins the area’s transformation into a unified live-work-play environment. We look forward to The Tower’s first residents moving into the building, and the anticipated vibrancy of the street-level retail component. It all blends very well with the City of Rochester’s vision for the Midtown Block.”
The $59 million project is part of the larger development called "Midtown Rising."
Work on the Tower at Midtown is expected to be completed late this year.
