An East Side warehouse will see new life as a business incubator under plans by prolific developer and rehabber Rocco Termini. Space in the five-story, circa-18951901 (thanks Chris H!)brick building on Cherry Street will marketed to high tech businesses and start-ups, capitalizing on the site's proximity to the Buffalo Niagara Medical Campus. Termini says legislation signed by Governor Paterson yesterday that enhances the State's Historic Preservation Tax Credit program makes the project feasible.
Jim Fink has the details on the conversion project:
Termini said the $8.5 million project, set for a five-story, 65,000-square-foot warehouse at 127 Cherry St., would not have happened unless Paterson signed the bill. The legislation allows for tax credits up to $5 million for commercial projects or $50,000 for private residences, provided they involve the restoration of a historic structure.
"This is going to happen because of what was signed into law today," said Termini, who hopes to begin work on the project by next spring.
The Cherry Street property is adjacent to the Kensington Expressway off of Genesee Street. Buffalo Sonic Blinds, which has a store on Sheridan Drive, is the current owner.
Wow, I've always had my fingers crossed for this cool old building and now it's getting its due. Rocco rocks!