Rocco Termini's redevelopment plans for the long-vacant AM&A's Department Store appear to be dead thanks to Albany's foot dragging. A $60 million makeover would have put office space, apartments, retail, restaurants, a small hotel and health club into the Main Street property.
The AM&As project was contingent on Governor Cuomo signing a bill into law that would have raised the State's historic preservation tax credit cap from $5 million to $12 million. That bill has been passed by both the State Senate and Assembly, but incredibly, hasn't been forwarded to the Governor for consideration. Rocco says he has tenants lined up that need space by early next year and instead of in the department store, will put them into a new downtown project.
WGRZ has the story:
Now that Termini's option on the AM&A's property has expired, he told 2 On Your Side's Melissa Holmes he's indeed moving on.
"I have some tenants that need to be into space by the first quarter of 2013 and I have a commitment those tenants," Termini said.
Termini says the three major tenants who planned to move in there and bring 500 jobs with them, will move into another yet-to-be restored building downtown.
"We can't reveal what that building is at this point but we will in the next couple weeks," he said.
A spokesperson for the Governor said the historic tax credit legislation is still under review in the Senate. Once it arrives on Cuomo's desk, he's got 10 days to sign it or veto it.
A spokesperson for the Governor said the historic tax credit legislation is still under review in the Senate. Once it arrives on Cuomo's desk, he's got 10 days to sign it or veto it.
A spokesman for Senate Majority Leader Dean Skelos, Scott Reif, told 2 On Your Side there are 86 bills passed by both houses that still need to be sent to Cuomo for his approval. He requests batches of bills and has not yet requested this one. Reif said he has no specific timeline other than that the governor has to have it by the end of the year.
Alan Bodenko's take here.
sucks