Impossibly shiny wood floors, exposed brick walls, granite counter tops, patios, and rents ranging from $500 to $850 per month - welcome to IS Lofts, downtown Buffalo's newest entry in the apartment market.
The 24 contemporary apartments, which had their public unveiling Thursday in the former Kastings Flower Warehouse at 362 Oak St., are the latest offering from Signature Development.
"We're hitting the market 100 percent leased and on budget," said Signature principal Rocco Termini. "They're so cool and so well-priced, that we didn't even have to advertised. They rented through word of mouth."
Termini and business partner David Burke spent $4.3 million to convert the nearly 90-year-old, three story brick and wood-framed warehouse to "work force rate" housing that's attracted a youthful collection that includes teachers, freshman bankers, hospitality industry workers and soon-to-be college grads.
Under income guidelines for tenants residing in "work force rate" developments, residents' incomes cannot exceed 90 percent of the median income, which in Buffalo is $37,000 a year.
"This is a particularly satisfying project because by tapping into income-linked tax credits for a portion of the funding, we were able to bring these beautiful units to the market at a price young workers can afford," Termini said.
One of IS Lofts inaugural tenants is a college student who will graduate next month from a university in Philadelphia.
"He wanted a really cool apartment and wanted to be downtown. At IS he can pay well under $1,000 a month for something that would run $2,500 in Philly," Termini said.
In addition to $2.1 million in low-income tax credits from the New York State Department of Housing and Community Renewal, the project also received $1.1 million in permanent financing through the Community Preservation Corporation (CPC). The not-for-profit mortgage lender will sell bonds to back the loan through the New York State Common Retirement Fund.
"CPC is very pleased to partner with the city and state in helping to develop much-needed rental housing in downtown Buffalo. Residential development is vitally important to stabilizing and strengthening the city's downtown core area," said CPC President and CEO Michael D. Lappin.
In the past three years, some 400 new apartments have been developed in Buffalo's downtown. Another 350 apartments, townhouses and condominiums are currently on the drawing board or under construction, including the Granite Works development in the 800-block of Main Street, the ArtSpace project in the 1200-block of Main Street, and the $40 million expansion of Waterfront Village.
With the opening of IS Lofts, Signature now counts 105 apartments in its barely 3-year-old downtown housing portfolio. Termini and Burke debuted Ellicott Lofts at 489 Ellicott St. in 2003, converting the former homes of Frontier Steam & Water and Fingeret Produce into 38 apartments.
In late 2004, they turned the former Wehle Electric building at 461 Ellicott St. into the Washington Market food store and cafe, with office space on the upper floors. Last year, they converted the former Buffalo Alternative High School into Oak School Apartments at 260 Oak St.
And in October, the new-build Ellicott Commons will open with another 30 units, next door to Ellicott Lofts.
"Back when we started Ellicott Lofts we had to convince people there was a market for downtown housing. Now we're opening IS Lofts fully leased," Termini said. "I think there's still room to grow because every price range is a different market. The downtown housing market can continue to grow as long as there is a mix of product, high-end, low-end and in the middle."
http://www.buffalonews.com/editorial...28/1020924.asp
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Originally Posted by WNYresident
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