A Rochester landmark anchoring downtown’s Four Corners has been sold.
First Federal Plaza, a 383,634-square-foot high-rise at 26-28 E. Main St. topped by a flying saucer-shaped penthouse, has been purchased by Excelsior Communities, the company announced on its website.
The sale price has not been disclosed, but the 21-story glass-and-steel building facing the west side of the Genesee River was listed for $10.8 million in late 2024.
Excelsior plans to turn it into a mixed-use property including living, office and retail space, it said in a statement. “With its signature architecture, floor-to-ceiling glass and exceptional riverfront location, First Federal Plaza offers an opportunity to create an experience unlike anything else in downtown Rochester.
Excelsior’s vision is to build on the property’s unique character while introducing new energy, activity and connectivity to the surrounding neighborhood,” including the riverfront.
“This is much bigger than the acquisition of a building,” Ami Notis, Vice President of Excelsior Communities, stated. “First Federal Plaza has the location, architecture and presence to become one of the premier destinations in Rochester.”
Based in Rochester, Excelsior owns three other downtown buildings: 88 on Elm, 88 Elm St.; the Columbus Building, 50 Chestnut St.; and the Terminal Building, 65 W. Broad St.
Excelsior has not said what it plans to do with the circular penthouse, once the home of The Changing Scene revolving restaurant.
First Federal Plaza history
First Federal Plaza was built in 1976 and opened in 1977 as the headquarters of First Federal Savings. It sits on 1.29 acres, and the portion of the building facing north overlooks Austin Steward Plaza.
The structure has a scenic glass elevator that rises to the 19th floor and its own 156-space underground parking garage. (It also is adjacent to the Genesee Crossroads Garage, which has 604 spaces.)
The Changing Scene operated from 1977 to 1988.
In 1998, the building was sold to Reynolds II LP.
Speaking for the firm in December 2024, Chris Hill told the Democrat and Chronicle the decision to sell came down to the fact that Rochester’s legal community, which once had a large presence in the building, “has disbanded from the Four Corners after being here for 100 years,” a trend accelerated by the coronavirus pandemic and the rise of remote and hybrid work.
Panasonic, which in 2019 moved into the former Changing Scene space, exited after the public health crisis, Hill said.
In 2024, the old Changing Scene mechanicals that made the restaurant rotate were examined and found to be intact, Hill said, contradicting previous reports they had been disabled.
Reporter Marcia Greenwood covers the grocery business and consumer-focused grocery news, as well as retail development, openings and closings. Send story tips to mgreenwo@rocheste.gannett.com. Follow her on X @MarciaGreenwood.
This article originally appeared on Rochester Democrat and Chronicle: Iconic Rochester high-rise has new owner
