Warehouse Lofts leased out

[steven]

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.

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

[leftWNYbecauseofBS]

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.

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

Don't let Linda D see this. She things that people do not like to live in an urban setting and EVERYONE in WNY wants a house.

[OneEmerald]

I got to see a model apartment in this building last summer. It was absolutely beautiful! It was hard to imagine how the rest of the building would look since it was all under construction. There was no lobby at the time and we used an ancient freight elevator to get to the top floor. The view up there was spectacular.

By the way, the next downtown housing tour is June 28.

[winfield31]

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.

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

Jake is a very diverse guy , I believe he has written books , played basketball (when younger , ex-teamate of mine....) , plus an all-round stand-up guy , worked hard for his success , I will always wish him well & I'm sincerely glad his "lofts" have seriously "taken-off" ! Way to go Jake !

[WestCoastPerspective]

I got to see a model apartment in this building last summer. It was absolutely beautiful! It was hard to imagine how the rest of the building would look since it was all under construction. There was no lobby at the time and we used an ancient freight elevator to get to the top floor. The view up there was spectacular.

By the way, the next downtown housing tour is June 28.

True! The property will be on the tour again this year, June 28, 1-5pm.

Also:
The Belesario
Buehl Block
Elk Terminal
Ellicott Lofts
Elsinghorst Building
IS Lofts
Market Arcade Apts.
Waterfront Place
Webb Lofts
200 Delaware
The Whitney
Two homes on Rabin Terrace
And homes and gardens on Johnson Park

This year there will also be commercial space- buildings that have been renovated recently:

285 Ellicott
Genny Block (plans)
Carmina, Wood, Morris
Choco-Logo
New Era Cap (guided tours 2-4 pm)
Washington Market

Pick up a map/brochure at the Market Arcade. The tour is self-guided, you visit the properties you want to see. See the HomeFinder that morning as well.

[Trolls_r_us]

how can downtown apartments go the second they're finished but the city is losing people so quickly?

It doesn't add up; I am truly confused.

Where is all this demand coming from?

[WestCoastPerspective]

Good question. Are we just shuffling chairs on the Titanic? Yes and no. They're moving from within the city, the region, and newcomers.

The downtown dwellers are a mix. Downsizing couples/empty nesters, relocations from out-of-town (many working in the medical district), working singles, gays, folks that have moved from the 'burbs. They all want an urban lifestyle, unique living space typically in a renovated building, with no maintenance.

Attend the downtown housing tour and ask the residents hosting their units- "Are you nuts?!?!"

[Linda_D]

Don't let Linda D see this. She things that people do not like to live in an urban setting and EVERYONE in WNY wants a house.

I have never said that "everyone in WNY" wants a house. I have repeatedly said that there is a limited market for downtown housing, particularly for apartments that rent for well above the cost of a typical monthly mortgage/tax/insurance payment for the area, and I'll stand by that.

Trolls, the reason that these rentals go fast is because there are so few of them, so the demand outstrips the supply. That doesn't mean that the demand is huge, just larger than what's available. In a city of over 250,000, there are fewer than 6,000 people living in downtown, and that includes the people living in the Marine Drive Apartments.

Moreover, most of the new units are one bedrooms, meaning that virtually all of the new downtown housing is aimed at singles or couples and not families, and it's frequently the families with children who are moving out of the city.

[WestCoastPerspective]

I have never said that "everyone in WNY" wants a house. I have repeatedly said that there is a limited market for downtown housing, particularly for apartments that rent for well above the cost of a typical monthly mortgage/tax/insurance payment for the area, and I'll stand by that.

Trolls, the reason that these rentals go fast is because there are so few of them, so the demand outstrips the supply. That doesn't mean that the demand is huge, just larger than what's available. In a city of over 250,000, there are fewer than 6,000 people living in downtown, and that includes the people living in the Marine Drive Apartments.

Moreover, most of the new units are one bedrooms, meaning that virtually all of the new downtown housing is aimed at singles or couples and not families, and it's frequently the families with children who are moving out of the city.

True all that.

[Linda_D]

True all that.

WCP, I'm really not against downtown housing. I think that the private developers are doing a pretty good job of developing housing in the right numbers and for the right demographics so that they are matching the demand that's available. Unfortunately, much of the "demand" for downtown housing comes from people who really can't afford it and/or who are transient -- ie, young singles and couples without children. I think that the development of housing in downtown and the waterfront should continue on a project-by-project basis the way it has been. That way, the projects remain in demand and fully occupied either by tenants or owners.

What I take issue with is the idea that some on this MB and elsewhere have that developing housing downtown -- or on the Outer Harbor -- is going to somehow transform Buffalo into a boomtown. There are NOT ten or twenty thousand yuppies or empty-nesters just aching to move into high-priced apartments and/or condos in and around downtown/the waterfront, and even if there were, this would only be 4% to 8% of the city's total population.

I don't think that it has to be an either/or situation. Buffalo should use its public HUD monies to improve neighborhoods through code enforcement, demos, etc. It should encourage private developers to develop high-end housing in and around the city, whether that is downtown, on the waterfront or in North Buffalo. What it shouldn't do is waste public money subsidizing new builds in poor neighborhoods like the Sycamore Village project.

[LHardy]

I'd take a loft downtown but I wouldn't make it my residence.
That may give some reason as to non-effect upon population growth?

[Linda_D]

I'd take a loft downtown but I wouldn't make it my residence.
That may give some reason as to non-effect upon population growth?

Some of the downtown rentals are corporate rentals for execs, but I think there's a significant percentage of downtown housing, especially the condos and townhouses around Erie Basin that are seasonal residences. Bob Rich, Jr, I think, has a condo or apartment downtown but his main residence is in Florida.

[WestCoastPerspective]

Yes, Bob Rich owns one of the penthouses at City Centre. Speaking of which, they are planning to convert the fourth floor office space to one or two units, depending on interest. Here is the plan for it being one unit- 6000 sq.ft. priced at $600k, they'll custom build-out to your liking if you're interested.

[Shovel ready]

^Whoah, sweet pad. Though, I'd certainly get lost in that maze.

[leftWNYbecauseofBS]

I have never said that "everyone in WNY" wants a house. I have repeatedly said that there is a limited market for downtown housing, particularly for apartments that rent for well above the cost of a typical monthly mortgage/tax/insurance payment for the area, and I'll stand by that.

Trolls, the reason that these rentals go fast is because there are so few of them, so the demand outstrips the supply. That doesn't mean that the demand is huge, just larger than what's available. In a city of over 250,000, there are fewer than 6,000 people living in downtown, and that includes the people living in the Marine Drive Apartments.

Moreover, most of the new units are one bedrooms, meaning that virtually all of the new downtown housing is aimed at singles or couples and not families, and it's frequently the families with children who are moving out of the city.

Linda-

Do you actually read what I write?

A couple of points. The demand for housing downtown is much bigger than you think. This demand is in levels. The fist level is based on who is buying and renting now. These folks do not need much in amenities and we all know they really are not there. However, there comes a tipping point and the amenities will catch up. WHEN this happens, the market will open to many more.

As far as the population in the city, yes it is 250k but where are these people living? Large sections of the city are close to empty. The areas that are vibrant are full of DOUBLES. Just what is a double? Well it is two apartments with a skinny driveway on a small lot in the shell of what looks to be a single family home to people who do not know any better. These doubles contain two tiny bedrooms, a small kitchen, a dining room and a family room with 1 bath. In reality, they are nothing more than a 1 bedroom apartment with a den. Yet for some reason in your skewed view of the world, these APARTMENTS work for the city, yet new apartments do not. Just how is that?

As for who is the target, I NEVER said that families would be the market. In fact I said the two PRIME groups would be single folks, couples without kids and empty nesters. So thanks for making my point.


My claim is that the COB can easily absorb 10k units downtown in the next 10 years.

Easy steps to do so:

Build high end and secure condos for the empty nesters downtown.
Build affordable but attractive condos for the young and single.
Offer incentives to homeowners like tax breaks to convert doubles to singles.

The Buffalo Double, is in my opinion, the most damaging thing to the Buffalo housing market today.