Main Street site eyed for apartments

[steven]

A series of long-vacant Main Street buildings are about to renovated into downtown's newest residential-based, mixed-use development.

Local developer Rocco Termini confirmed he is moving ahead with a $15 million project that could see as many as 42 new apartments come to significant portions of Main Street's "500 Block" and some adjoining Washington Street property. The plan includes building a multi-level parking ramp at the corner of Washington and Mohawk streets, currently a surface parking lot exists, to service to apartment's residents and nearby businesses.

Termini said he a series of buildings under contract, beginning at 501 Main Street and running south to 515 Main Street. The buildings include two that date back to the late 1800s and a sliver of an empty parcel that once served as portion of the fabled Century Theater. The project -- Century City Lofts -- takes its name from the theater.

If built, the project would address one of downtown's biggest eyesores, a series of blighted buildings along the 500 block. The ripple effect is already being felt with Buffalo City Hall officials confirming that Iskalo Development wants to acquire a former two-story Burger King restaurant at the corner of Main and Mohawk streets for a separate mixed-use project.

Termini meet briefly with the Buffalo Planning Board on Tuesday to discuss the project. His next step is to appear before the Buffalo Preservation Board to land historic district designation for the project, a move that opens the door for tax credits and incentives needed to make it financially viable. Termini is also seeking new market tax credits and incremental PILOT financing from the Erie County Industrial Development Agency to cover fiscal gaps in the project.

Termini, whose downtown residential projects include the IS Lofts and the recently-opened Webb Building, said the project is being driven by the continued demand for affordably priced apartments in the central business district. Termini noted his IS Lofts building has a 200-person waiting list.

http://www.bizjournals.com/buffalo/s...l?surround=lfn

[therising]

The ripple effect is already being felt with Buffalo City Hall officials confirming that Iskalo Development wants to acquire a former two-story Burger King restaurant at the corner of Main and Mohawk streets for a separate mixed-use project

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Proof positive why City Hall Officials are knuckleheads.
You don't publicly announce that someone is interested in buying a property.

That's just not the way things go, and these people are too out of it to realize that.

[WestCoastPerspective]

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Proof positive why City Hall Officials are knuckleheads.
You don't publicly announce that someone is interested in buying a property.

That's just not the way things go, and these people are too out of it to realize that.

Well, Iskalo does have it under contract. So they're hopefully close!