By the end of 2014, downtown Rochester’s Midtown Tower is expected to be completed.
That’s the news from Mayor Tom Richards. He announced Wednesday that Larry Glazer of Buckingham Properties and Bob Morgan of Morgan Management are partnering to buy and develop Midtown Tower. Richards said a few tweaks have been made from the previous plan, but he added he has more faith now in the $55 million project than before.
"A little less money - it's a different balance between apartments. The condos won't be on the top probably, but that's where some of Larry Glazer's genius is quite frankly," said Richards. "Larry Glazer is a guy who understands this market. You look at the things that he's developed all over town and you can see this is a guy who will understand what works here and so I have more faith in this quite frankly than I do in what we had before," Richards said.
Larry Glazer said a few changes have been made to the previous plans for the Midtown Tower including more apartments and commercial space which now has an updated design.
"We looked at it very carefully as a matter of fact and determined that condominium market would probably be not as successful or perhaps not even work as well as it would need to so we've gone with rental apartments and offices," said Glazer.
The project will create 160 to 182 apartments and three to five stories of commercial offices.
Richards made the announcement at Wednesday’s Rochester Downtown Development Corporation and Rochester Rotary luncheon. County Executive Maggie Brooks also participated in the event.