Jake Schneider was wrong. He assumed that when he opened the Warehouse Lofts on Ellicott Street in Buffalo early this spring, it would take until late August or September before the 30 apartments were leased.
Yet, just weeks after Memorial Day, Schneider leased the last of them in the century-old, former printing press building. The 8,300 square feet of commercial space also was leased, with college-student-polling company Student Voice taking the entire spot.
What makes the Warehouse Lofts story so impressive is that it demonstrates the continued demand for downtown residential units. In the past decade, nearly 1,000 units have been made available in the central business district and nearly all are filled. The Warehouse Lofts building sits in the middle of a block that remains an urban planning work in progress.
"People are willing to accept the urban fabric," said Schneider, an architect and urban planner. "We gave people something they wanted."
More than three years ago, he acquired the former Seneca Press building, located across the street from the
Niagara Frontier Transportation Authority's bus station and headquarters. His development team invested $11 million to convert the vacant structure to a vibrant address. The Warehouse Lofts made their official debut in March.
"The success Jake has had speaks volumes about people willing to buy into the downtown experience," said Michael Schmand,
Buffalo Place Inc. executive director.
Warehouse Lofts features a mix of one- and two-bedroom units, with monthly rental rates ranging from $900 to just under $2,000.
The tenant mix is diverse, including professional athletes, newlyweds, attorneys, retirees and working couples.
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