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Project Name

5277 Group/Arctic Freezer

Address

199 Scott Street
Buffalo
New York
14204

Project Details

The project consists of  the renovation and adaptive reuse of an 8-story, 126,000 sq. ft. building (including basement) commonly known as the Arctic Freezer Building into a mixed use commercial and residential development.  The building, once complete, will include a restaurant, banquet and meeting facilities, professional office space and market rate apartments.   This project may also include a crafts brewery on the lower level.

The project components are as follows:

Office Space 45,000 sq. ft. (Floors 6,7,8), 2 of 3 floors are close to signing leases, $1,575,000 for all three floors, $35/$40 per sq. ft.

Housing 45,000 sq. ft. (Floors 3,4,5), 27-30 units, $1,300-$1,900 per unit, $3,600,000 for buildout, $80 per sq. ft.

Commercial 15,000 sq. ft. (2nd floor) - proposed banquet facility, $330,000, $25 per sq. ft.

Retail 8,000 sq. ft. (1st floor) restaurants, other retail, common space, $320,000, $40 per sq. ft.

Manufacturing 13,000 sq. ft. (basement level) brewery production, $325,000, $25 per sq. ft.

Total 126,000 sq. ft.

The retail component of the project (banquet facility and restaurants, including common) represents less than 1/3 of the total project cost .  This calculation does not take into account the 45,000 sq. ft. of office space as  tenants have not yet been identified.

 

Status Details

$14,675,000 Resolution approved by ECIDA Board of Directors