Iskalo Development purchased a quarter of a downtown block on Wednesday. The firm purchased 337-345 Ellicott Street from Ellicott Huron LLC for $1.1 million. The non-descript, 33,000 sq.ft. building on the .72 acre site was formerly leased by Verizon to house and service its vehicle fleet.
Though on the edge of downtown, the property is midway between Lafayette Square and the Theater District, and two block from Main Street and Fountain Plaza. All have witnessed significant redevelopment activity in recent years, as has Huron Street.
"We have had interest in the building since our acquisition of the Electric Tower so we were pleased when it became available. We reacted quickly and were able to negotiate a purchase contract with the building's owner," Paul Iskalo, President and CEO, Iskalo Development Corp. said. "The building has been well maintained by Verizon and will be suitable for a variety of uses."
Though Iskalo does not have immediate plans for the property, the firm is already marketing the site as available for a "range of development options." A portion of the building may also be used to accommodate additional demand for enclosed parking for the Electric Tower.
From the company's website:
The current building features more than 7,000 square feet of office space, over 23,000 square feet of open floor space, a nearly 2,000 square foot wash/service bay, and two (2) 12' x 12' and two (2) 14' x 20' grade level overhead doors. With its current layout, the building could easily serve any business needing fleet vehicle storage with easy access and accompanying office space.
The building can also be converted into 3,000-15,000 square feet of highly visible office space, complete with secure indoor parking. Other office, retail and flex uses are available, and the space would be designed to customer specifications.
Iskalo Development is a full-service real estate development company headquartered in Williamsville but has invested heavily in downtown Buffalo.
The Electric Tower, located at 535 Washington Street, was acquired by Iskalo from Niagara Mohawk in 2004. Iskalo has returned the property to its original grandeur, starting with the restoration and reconstruction of the two-story lobby space and the build-out of tenant office suites. The building was rededicated in August 2007.
Iskalo is seeking a retailer or restaurant tenant for the striking 4,500 sq.ft. former Howard Shoes building at 5 East Huron Street. The circa-1946 building's distinctive glazed tiel façade has been repaired and new storefront windows were installed.
The company also owns 75 East Huron, a surface parking lot, and 210 Oak Street which is presently used as indoor parking for tenants at the Electric Tower.
"It is a nice addition to the cluster of properties we have assembled around the Electric Tower," said Iskalo. "We are bullish on downtown and optimistic about its future."
Get Connected: Eric Eisenried, Iskalo Director of Leasing, 716.633.2096.
OR, they could knock it down and build a nicer taller building with mix use? Other wise, a COMPLETE make over is needed, cause this building is fugly.