Downtown Rochester’s iconic First Federal Plaza has a new owner.
Excelsior Communities announced that it bought the mostly vacant, 21-story high rise, known for its distinctive, saucer-like top that used to house a revolving restaurant.
Plans are to convert the building into a mix of offices, residential units and retail.
First Federal adds to the Rochester-based company’s expanding downtown portfolio, having acquired 88 Elm, adjacent to the Midtown block, the nearby Columbus Building, and The Terminal Building on West Broad Street, all in the past year.
Excelsior also owns The Medical Arts building on Alexander Street, and Normandie Apartments, cattycorner to Alexander Park, along with other properties in the Rochester and Buffalo area as well as in and around Baltimore.
A sales price and construction timeline was not disclosed. The property was listed in December 2024, priced at $10.8 million. The property’s assessed value is half that amount.
“This is much bigger than the acquisition of a building,” Ami Notis, vice president of Excelsior Communities said in a statement announcing the sale.
“First Federal Plaza has the location, architecture and presence to become one of the premier destinations in Rochester,” Notis continued. “Our vision is to bring together premier living, premier office and premier retail while taking full advantage of the building’s incredible floor-to-ceiling glass and its position directly along the Genesee River. We believe activating this property and the riverfront can create new energy that extends well beyond the building and helps lift up the entire west side of the river.”
A message left for the company's spokesperson was not immediately returned.
