More troubling news for Robert Morgan’s real estate empire just two weeks after he was indicted on federal fraud charges. News 8 has learned of two changes at two major properties that could signal broader issues.
Tower 280 in Rochester boasts top-shelf commercial and residential space. But on Tuesday, News 8 learned Buckingham Properties will be taking over management of the entire building. An offshoot of Morgan Management, Grand Atlas, is transferring over control right now. Buckingham had managed the commercial floors, but will now also run the residential side as well. This comes as questions arise about how all of Morgan’s properties will be managed.
A source tells News 8 Harbor Group of Virginia was in talks to take over a good portion of the properties but recently backed out. Harbor Group declined to comment on Monday.
In addition, News 8 has learned a large apartment complex outside of Pittsburgh was recently taken over by Dollar Bank. Morgan Communities declined to comment on the matter.
The agency that grants tax breaks to expanding companies says its deal with Robert Morgan and a local apartment complex still stands.
Imagine Monroe had given a pilot deal to Morgan for his complex on Fairwood Drive in Henrietta before he was charged with fraud. That deal was mentioned in a lawsuit filed by ESL Federal Credit Union against Morgan as it seeks to foreclose on the property.
On Tuesday, county officials said Imagine Monroe has nothing to do with the lawsuit adding if ESL takes over, the pilot would be dissolved.
That said, even though Morgan is in legal and possibly financial trouble, the county’s tax deal will go into effect next year, but could be terminated if payments aren’t made.