Update: We are learning more about the plan for the iconic First Federal Plaza building downtown. The new owners confirmed a purchase price of $2.8 million, and an expected start of renovations in the next 12 to 18 months. The lower floors will be for commercial use, with residential filling the upper floors, they said.
"We do not have firm plans for the top floor at this time. We are intentionally taking the time to determine the best use for the space and are open to exploring opportunities and suggestions that would make it the right fit for the building and the community,"
Excelsior Communities marketing manager Cathy Craft wrote in response to questions from WXXI News.
"At this time, we are not planning significant changes to the exterior of the building," she continued. "Our goal is to thoughtfully enhance the property while respecting the character and presence of the existing building."
The original story continues below:
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.
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.”
