Rochester's Most Iconic Tower Is Getting New Life — What's Next for First Federal Plaza

The circular room at the top of First Federal Plaza hasn't spun in years. The revolving restaurant that once made 26-28 East Main St. the most distinctive dinner address in Rochester closed long ago, and the 21-story building has spent much of the last decade emptying out. Excelsior Properties acquired First Federal Plaza Rochester in August 2026, with plans to convert the Genesee River landmark into a mixed-use destination with residential, office, and retail space.

First Federal Plaza: A Building Rochester Remembers

First Federal Plaza: A Building Rochester Remembers

Built in 1974, the tower at 26-28 East Main St. rises along the Genesee River, with high-rise views of the water from every floor. That position made it valuable for decades — and makes it worth reclaiming now.

The circular top floor is what Rochester actually remembers. That space once held a revolving restaurant, per RBJ's report on the acquisition, and it left a specific kind of memory for anyone who ate there. A lot of buildings downtown have history. This one has a story people still tell by address.

By the early 2000s, the building was under 10 percent vacant — the dominant commercial address on East Main. Then office leasing patterns shifted, tenants consolidated, and most of the tower went quiet. Reynolds II LP listed the building for sale in December 2024 at $10.8 million through CBRE Upstate NY. Whoever bought it was taking on a substantial rehabilitation.

The New Owners and Their Vision

The New Owners and Their Vision

Excelsior Properties closed on the acquisition in August 2026 at an undisclosed price. The company's VP, Ami Notis, described the plan directly: "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."

The mixed-use plan covers residential, office, and retail across all 21 floors. No renovation timeline has been announced. Notis framed the acquisition in plain terms: "This is much bigger than the acquisition of a building. First Federal Plaza has the location, architecture and presence to become one of the premier destinations in Rochester."

The building offers floor-to-ceiling glass, Genesee River frontage, and 21 stories on East Main. Those assets are real; the renovation timeline is not yet public.

What This Means for Downtown Rochester

What This Means for Downtown Rochester

First Federal Plaza sits at 26-28 East Main St., steps from the Genesee Riverway Trail. That combination — river views, walkable waterfront access, East Main frontage — is what residential developers pay premiums for in other cities. Rochester hasn't had high-rise riverfront housing at this address. If Excelsior delivers on the mixed-use plan, it places downtown residents on the Genesee in a way nothing there currently does.

The building has stood at the edge of East Main and the river since 1974. The revolving restaurant made it memorable. Excelsior's acquisition puts it back into active consideration.

The circular room is the detail worth watching. Whatever Excelsior does with that space — residential penthouse, shared amenity floor, some version of a restaurant returned — will signal whether they're building a destination or converting square footage. The tower is at 26-28 East Main St., and the Genesee Riverway Trail runs directly below it.