A vacant Elm Street warehouse is slated to become downtown's newest residential project. Greenleaf & Co. is teaming up with former First Niagara Bank Chairman Paul J. Kolkmeyer to convert the former-Spaghetti Warehouse site at 141 Elm Street into 38 to 40 lofts. The team has the building under contract.
"We are currently doing our due diligence," says James Swiezy, Greenleaf's General Manager. "We expect to close in late-September or early October."
"It is going to be a great project," says Swiezy. "The units will be absolutely beautiful. There will be very unique layouts due to the building's configuration."
Swiezy says they will incorporate the building's architectural features into the residences and anticipates the project cost being in the $6 million to $7 million range. The project is expected to utilize historic tax credits.
The building has been home to a string of restaurants and bars beginning with Spaghetti Warehouse in 1988, Your Father's Mustache, Sweetwater's, and finally SensationZ which closed in 2004. The 43,500 square foot structure was formerly a lumber mill operated by E.M. Hager & Sons.
Sweizy says the building has been vacant for "far too long" and noted that with the Lofts @ 136 project underway two blocks to the south, the timing was right for 141 Elm Street.
"It will add to what is already happening in that area of downtown," says Sweizy.
Greenleaf's construction management arm will oversee the development of the project which will take 8-10 months to complete.
The real estate management and development firm has a number of projects in the works representing $20 million in investment over the next 18 to 24 months. More in future posts.
Get Connected: Greenleaf & Co, 716.885.8538
What I like most about this is the meaning of Swiezy's name. ŚwieŻy means "fresh" in Polish.