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BUCKINGHAM PROPERTIES

Midtown Rising

Redevelopment Plan

Amenities

Floor Plans

Parking

Cross Sections

About Buckingham Properties

About Morgan Management

Table of Contents

Th e former Midtown Plaza site contained eight offi ce buildings, the nation’s fi rst indoor shopping mall, Greyhound/Trailways bus station, and three levels of underground parking. Today, this nearly nine-acre, City-owned super-block is beginning to be transformed by private developers. Th e City of Rochester has deemed this eff ort “Midtown Rising.”

Demolition of the nine acre site was completed in December 2011, leaving two of the steel building frames. Th e old Seneca Building is currently being converted into new offi ce space for Windstream Communications. Th e 17-story iconic Tower is being transformed into a premier mixed-use destination.

Midtown Rising as a whole will position Rochester for its future by signifi cantly shaping the rebirth of the downtown core through major public and private investment, job creation and infrastructure development. Th e goal is to attract a critical mass of residents and 24/7 amenities that contribute to a vibrant live-work environment.

To date, Empire State Development has invested $55 million, along with $20 million from the City of Rochester. Once completed, the site will accommodate about one million square feet of offi ce, residential, hotel and retail space.

Midtown Rising

towerthe

Th e Tower at Midtown off ers 158,300 square feet of commercial space on the lower fl oors in the heart of downtown Rochester. Underground parking with direct access into the building makes Th e Tower a dream location for downtown employees.

Upper fl oors of the mixed-use building are home to over 100 trendy apartments featuring polished concrete fl oors, open fl oor plans, and roof decks with stunning city views. Th e Tower Apartments will be pet-friendly, with plans for a dog park and wash station. Floor plans feature plentiful common areas for social gatherings.

Interior improvements to the 357,000 square foot structure is projected to begin in 2013 with completion expected in 2014.

Redevelopment Plan

• Common Conference Room

• Workout Facility

• Underground Parking

• Outdoor Green Space

• Social Gathering Areas

• Private Roof Decks

• 24-Hour Security

• Concierge Service

• Bike Storage

• Grill Area

• Near Retail & Banking

• Walk to Everything Downtown!

Amenities

Fourth through Eighth Floors

Parking

Atrium Section

Tower Section

Midtown Tower project scaled backDemocrat & Chronicle, Dec 5, 2012Written by Jessica Alaimo, Staff writer

Rochester leaders hope a more modest, $55 million plan to redevelop Midtown Tower will be the long-awaited tipping point spurring a concentrated retail center downtown.

While 50,000 people work downtown and more than 5,000 people — and counting — living in the center city, there’s a true economic void as the area’s retail centers are nestled in the suburbs, said Heidi Zimmer-Meyer, president of the Rochester Downtown Development Corp.

Larry Glazer of Buckingham Properties and Bob Morgan of Morgan Management are purchasing the Midtown Tower, said Mayor Th omas Richards at the annual Vision-Future luncheon Wednesday, sponsored by the development group and the Rochester Rotary Club.

Glazer replaces developer David Christa, who had teamed up with Morgan back in 2009 on a ritzier, $70 million-plus plan that included high-end condos. Glazer has a track record in residential and commercial development, with past projects including Buckingham Commons and Alexander Park in the downtown area. Morgan’s company specializes in residential real estate and the operation of many apartment communities, including the East Avenue and Parkwin apartments in the city.

Midtown Tower is a priority project for the Finger Lakes Economic Development Council, and tens of millions of taxpayer dollars have already been spent to gut it in preparation for future use. Th e building’s shell sits along East Broad Street on the former Midtown site. It was stripped down to its framework but saved during demolition of the 8.6-acre complex.

Glazer and Morgan’s plans involve fi ve stories of commercial space and between 160 and 182 apartment units. Glazer said he and Morgan have been working on plans to purchase the property for several years.

Financial details, including a sale price, were not announced Wednesday. Th e city still owns the property. City Council had authorized selling it for $2 back in September 2010.

Funding was an issue in the Christa-Morgan project, fi rst proposed in 2009. Christa said in an email on Wednesday that “the ideas and plans we had were too elaborate and expensive at this time,” but went on to praise Glazer for his experience and success with similar projects.

Glazer said this project is scaled down in cost because developers plan to use more of the existing structure.

Th e housing will not be as luxurious, and there won’t be condos for sale — meaning developers will save on the cost of utility separations. Former Mayor Robert Duff y had selected the Christa-Morgan proposal because he wanted for-sale units.

Financing will come from a combination of local, state and federal programs, Glazer said.

Construction will be done in phases. Apartments will be trendy, with polished concrete fl oors, open fl oor plans and roof decks. Th e development will be pet friendly and include a dog park. Th ey are intended for young professionals and empty nesters, and Glazer hopes the fi rst tenant can move in at the beginning of 2014.

Zimmer-Meyer said this means downtown will have about 300 new residents, and an area where retailers can concentrate. Th e space at Midtown will help the city in approaching brokers and the International Council of Shopping Centers.

Retail does better when clustered together, Zimmer-Meyer said, which isn’t the case right now downtown.“Th ere needs to be a strategy for a concentration and critical massing of retailers,” she said. Zimmer-Meyer said her vision for retail mirrors what already exists in downtown Buff alo and Syracuse.

She hopes the city could attract boutique retailers along with chains that have adapted smaller, vertical models for downtown areas, such as Home Depot and Best Buy.

At the luncheon, Richards and County Executive Maggie Brooks also touched on other ongoing projects in the city, including the future of Monroe Community College’s downtown campus.

Brooks, who spoke fi rst, voiced her confi dence in the County Legislature’s vote Tuesday on a bonding resolution for reconstruction and possible acquisition of property for the Monroe Community College downtown campus.

“I’m confi dent we have the support that we need to approve that bonding,” Brooks said of the project that has been in the works for more than a decade. “Th is is another step — a critical step — in securing the funding for this important project. I know that at the end of the day, we’ll have a downtown presence for MCC that meets the needs of students, faculty and our community.”

She also called Eastman Business Park a top priority.

Press

Who We AreBuckingham Properties is Rochester, New York’s largest and most diverse real estate development and property management company, owning and self-managing more than 50 properties comprising over nine million square feet. In addition to our vast Rochester portfolio, Buckingham has ownership in more than 300 acres of development property in Central Florida.

Founded in 1970 by Larry Glazer, CEO and Managing Partner, Buckingham has a successful history of re-development and adaptive re-use of existing properties. Our diverse portfolio includes high-tech manufacturing facilities, warehouses, specialized development complexes, small and large offi ce buildings, medical offi ce space, apartments and lofts, industrial parks and large-scale land development. The diversity of our portfolio allows Buckingham to offer tenants fl exibility that is unmatched.

BUSINESS OFFICEMEDICAL OFFICE

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MANUFACTURINGDEVELOPMENT LANDRESIDENTIALPARKING GARAGEFLEX

Portfolio of over 9 Million Square Feet

Major ClientsBruegger’s Bagels - 18,000 SFButler/Till - 22,000 SFEarthLink - 80,000 SFFujifi lm - 25,000 SFM/E Engineering - 17,000 SFMVP Health Care - 140,000 SFPaychex - 25,000 SF

Rochester General Hospital - 110,000 SFSchlegal Corp. - 325,000 SFState of New York - 34,000 SFQCI Direct - 134,000 SFUS Postal Service - 246,000 SFWellDyneRX - 63,000 SF

Buckingham Properties has expertise in all facets of the industry, including site selection, fi nance, construction, redevelopment, leasing and building operations. We manage and maintain all of our properties, and take pride in our skilled property management team with 24/7 response for emergencies.

At Buckingham Properties, we put each client at the center of everything we do.

Our service-oriented philosophy and attention to detail are essential to achieving success for our tenants, investors, and the community as a whole.

BUCKINGHAM PROPERTIES259 Alexander Street, Rochester New York 14607 · T: 585-295-9500 · F: 585-295-9505 · www.buckprop.com

Morgan Management, based in Rochester, New York, has strong real estate principals and extensive experience in the ownership and management of high quality residential communities. Morgan Management has owned and operated a residential and commercial real estate portfolio since 1976. Morgan Management started in the Manufactured Home Communities market and now the real estate portfolio includes residential apartment communities, commercial, retail, self storage, office, medical office and mixed-use space.

Today, with more than 35 years of experience as an owner, operator, and developer, Mr. Morgan has acquired and manages a private

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Morgan Management, LLC1170 Pittsford Victor Road · Pittsford, NY 14534 Tel (585) 419-9630 · Fax (585) 419-9636www.morganmanagement.com · www.morgancommunities.com

About Us...portfolio of institutional-grade investment real estate valued at approximately $2.5 billion. Morgan Management and its affiliated companies employ approximately 900 people located in more than a dozen states including 70 at the Corporate Office in Rochester. Morgan manages over 20,000 units in multi-family apartment communities.

Our professional staff is committed to offering residents and tenants the highest quality professional management services. Customer satisfaction is our goal and we strive to make any experience with Morgan Management a most rewarding one.

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BUCKINGHAM PROPERTIES259 Alexander Street, Rochester New York 14607 · T: 585-295-9500 · F: 585-295-9505 · www.buckprop.com