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ECIDA APPROVES FUNDS TWO BUFFALO APARTMENT PROJECT TOTALING $14 MILLION IN ADAPTIVE REUSE INVESTMENT

FOR IMMEDIATE RELEASE

March 26, 2014

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Sharon Linstedt

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ECIDA APPROVES FUNDS TWO BUFFALO APARTMENT PROJECT TOTALING $14 MILLION IN ADAPTIVE REUSE INVESTMENT

Buffalo, N.Y. - The Erie County Industrial Development Agency today approved tax abatement packages to facilitate the rehabilitation of two City of Buffalo sites, to create 43 new apartments in currently vacant buildings.

The ECIDA board approved $416,000 in sales and mortgage recording tax reductions for ARCO Lofts, LLC, to convert the former American Radiator Co. building, located at 1807 Elmwood Ave., in North Buffalo.

Developer Rocco Termini's Signature Development of WNY plans to update the circa-1903 manufacturing plant into 38 market rate apartments.  The $12.4 million project will also include 2,000-square-feet of commercial office space.

Termini is in the final stages of building out the Distillery Lofts, located just down Elmwood Avenue from the ARCO Lofts. To date, 30 of those 46 units have been leased with the first tenants slated to move in in April.

Meanwhile, 9187 Group LLC, a subsidiary of Ellicott Development Group, received $65,800 in sales and mortgage recording tax abatements to aid the rehabilitation of the historic Jansen Brothers Harness Shop, located at 173 Elm St., in Buffalo.

The long-vacant, 13,200-square-foot building will be converted to five apartments and office/training space. Service Collaborative of WNY, Inc., a nonprofit agency representing WNY AmeriCorps and the West Seneca Youth Bureau, will lease the lower to floors for use as its office and training center employing 20 staffers.

The upper two floors will become transformed into market rate apartments in the structure, which was built in the late 1800s.

The total project cost is estimated at $1.7 million.