A fixture in the Rochester skyline has a new owner and potential new future. Gallina Development officially purchased the Chase Tower Tuesday afternoon. Time Warner Cable News reporter Breanna Fuss shares what this may mean for the four-decade-old skyscraper. 

ROCHESTER, N.Y. -- At one point no one knew what the future held for the Case Tower in Rochester.

In late January JP Morgan Chase, who owned the building announced 350 people will be laid off by the fall. But the purchasing of the tower Tuesday, which was two years in the making, could give the nearly vacant building a new lease on life.

Towering 27 stories into the sky, the Chase Tower has been a fixture in Rochester's skyline since 1973.

"It's a beautiful building," Andrew Gallina, president of Gallina Development, said. "We feel there's a lot of potential to bring a new life and energy into this beautiful structure."

In its prime, the white giant was home to high-profile tenants like Gannett and Merrill Lynch. 

"It was really a hub of activity for downtown commerce for many years," Gallina said.

Now Gallina said he wants to put the 42-year-old building back on the map.

"We are going to make changes to within the building itself as to the uses," Gallina said. "We are going to reinvigorate the plaza and create new entrances."

Gallina said the plan is to revamp all of the building, except the first floor. Chase Bank will continue business as usual there. Although he can't go into too much detail about what the rest of the floor plans will look like, Gallina said the top four floors will be condominiums.

Mayor Lovely Warren said the purchase will follow in line with other projects around downtown to revitalize the aging city.

"All of this is going and really reiterating that our city is going through a renaissance and moving forward," Warren said.

She added Rochestarians should be excited.

"It's an indicator that people want to live downtown, they want to work downtown and they want to have fun downtown, and we want a downtown that's vibrant and successful," Warren said.

Gallina hopes his new project will create just that.

"We're just so excited to bring new life into the Center City," Gallina said.

There's no word on just how much the renovations will cost, that will come as plans become finalized. Its expected construction work will begin within a few months.