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Project Name

ARCO Lofts, LLC/Signature Development of WNY


1807 Elmwood Avenue
New York

Project Details

 1807 Elmwood Avenue was built in 1903.  The facility was once home to the American Radiator Company which they used as their office facility.  Underutilized at present, this 47,600 sq. ft. building is 10% occupied with three tenant's accounting for approximately 5,000 sq. ft.

A portion of the building (south side) had been shut down by the current owners due to major boiler problems.  Given the dilapidated condition of the building, the present owners declined to invest in a new boiler.

The proposed project entails the adaptive reuse of the facility.  38 1&2 bedroom apartments ranging from 800 to 1,000 sq. ft. will be constructed.  Rents will be in the range of $950-$1,350.  In addition, the developer proposes to construct 2,000 sq. ft. of office space. 

It is contemplated the developer will be able to avail itself of historic tax credits and the building will be rehabilitated according to the standards established by the National Parks Service.  Asbestos remediation alone is estimated to cost approximately $750,000 and window replacement $900,000. 


Status Details

 3/26/2014 - $12,424,750 Lease/Leaseback Inducement Resolution passed by ECIDA Board of Directors.