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Project Name

791 Washington Street, LLC

Address

791 Washington Street
Buffalo
New York
14203

Project Details

 

The project consists of  the renovation and redevelopment of the former Trico Building on Washington Street in the City of Buffalo.  The building has been vacant for over 10 years and has numerous structural and environmental challenges.  Should the current redevelopment not occur, the building likely would be demolished.

The plans call for select demolition and substantial renovation work which when complete will be a mixed use structure that will serve as the site for a new Buffalo Culinary School, an extended stay hotel to serve patients and visitors of the medical campus, market rate housing to meet the expanding demand for employees and students located on the medical campus and a limited retail component that will serve the campus and surrounding community.  In addition, the building will house commercial space and is being marketed to existing businesses looking to expand.  Sales tax benefits will be limited to only the core and shell component of the commercial space.  Parking space will need to be constructed and is expected to be within the building as the location currently lacks sufficient space for vehicles.

The property is currently owned by the Buffalo Brownfield Restoration Corporation and has been off the tax rolls for approximately the past 10 years.  The company has the option to purchase the property which option has been extended through September 2016.

Pursuant to the Real Estate Purchase Agreement between the developer and the Buffalo Brownfield Restoration Corporation, the developer has agreed to make a reasonable effort in its attempt to (i) attain a minority workforce goals of 25% and a woman workforce goals of 5% on the project; (ii) attain a minority business enterprise ("MBE") utilization goal of 25% and women business enterprise ("WBE") goals of 5% on the project and (iii) cause tenants and other occupants of the project (including the developer and any affiliates of the developer), to first list all new employment opportunities generated at the project with the Department of Labor, Buffalo Employment Training Center and Workforce Investment Board.

 

Status Details

  

· 09/08/2015 - City of Buffalo, as lead agent adopts a negative declaration in accordance with SEQRA

· 08/01/2016 - Public hearing held. 

· 08/24/2016 - Lease/Leaseback Inducement Resolution presented to the Board of Directors