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Project Name

DNC 250, Inc.

Address

250 Delaware Avenue
Buffalo
New York
14202

Project Details

The developer, DNC, 250, Inc. has applied for and has been approved for site cleanup in the New York State Brownfield Cleanup Program.  The project site is the location of petroleum contamination.

DNC 250, Inc. is proposing to construct a 472,320 sq. ft., 12-story mixed use development.  The project will be anchored by Delaware North Companies ("DNC") which has submitted and has been approved for incentives associated with the buildout of their space.

The development is anchored by 204,000 sq. ft. (7 stories) of Class A office space, of which 110,000 sq. ft. is proposed to be leased to DNC and the balance to be used as expansion space to accommodate potential future growth of DNC and to help retain Delaware North's operations in the City of Buffalo.

Included in the overall project is a 119-room hotel (116,000 sq. ft) bearing a major flag identity and serving as DNC's worldwide training center for their division of Hospitality Services.   The hotel component of the project is not being considered for IDA assistance and is not included in the total project costs and will be paying full taxes.

To complete the development, a 4-level parking structure for 380 cars (152,520 sq. ft) and sub grade parking will be constructed.  The number of car parks meet the required contractual obligations  by the DNC lease.

The entire facility totals approximately 476,320 sq. ft. and is located in a highly distressed census tract as defined by New York State Law (Census Tract 165).  Should the project costs associated with the retail component of the project be greater than 33% the IDA must make a retail finding on the project.  In accordance with General Municipal Law Section 862(2)(c), if a project is considered retail, the County Executive's  confirmation of the ECIDA's action is required.

 

Status Details

12/16/2013 - $51,785,708 Lease/Leaseback Inducement Resolution passed by ECIDA Board of Directors.