Midtown Tower will be converted into 400,000 square feet of commercial and residential real estate. The announcement was made at a press conference this morning.

The $71-million project will include 186 market-rate apartments and 24 owner-occupied condos. The project is being undertaken by Christa Companies and Morgan Management, a real-estate development firm.

The Midtown Tower announcement should restore any lost confidence the public or other potential developers may have about the site, Dennis Mullen said today. Mullen is chair and CEO of Empire State Development. He said he realizes that the Midtown revitalization project was launched with a great deal of fanfare a few years ago, but the public hasn't seen significant progress - which can raise doubts given the economy.

The fact that Paetec has made no real commitment has helped to fuel those concerns. Mayor Bob Duffy would only say that negotiations with Paetec are ongoing, but he is not worried.

Architectural renderings of the Midtown Tower project show a contemporary multi-level structure. The tower will be completely re-skinned, said David Christa. The old exterior will be removed down to the girders, and the building will be given an entirely new exterior that will include terraces. The 24 owner-occupied condos are expected to fetch around $400,000 each. They will be located on the upper levels, with some units boasting spectacular views of Lake Ontario.

Plans are for the project to start in August 2010 with a completion date of 2012.

The Christa-Morgan venture will be privately funded, though the developers plan to apply for $4 million in state grants. The developers do not have the remaining $64 million in funding confirmed.