A contractor has purchased a long-vacant building fronting Roosevelt Plaza, a vote of confidence and money in the critical 500 Block of Main Street.
Genesee Block LLC, a company headed by Buffalo contractor Nathaniel Fountain, purchased 9 Genesee Street yesterday for $60,000. Fountain is said to be planning two residential units on the building's second and third floors and reportedly has a tenant in tow for the first floor commercial space.
Fountain purchased the building from Spa Lofts LLC which had similar plans for the property. That partnership, made up of five friends, three in Buffalo, one in Rochester and one in Manhattan, , purchased the property in July 2005 for $74,500. The Spa Lofts proposal called for two apartments on the upper floors with retail on the ground floor of the six decade-old building.
Their redevelopment plans were sunk by time constraints and spiraling restoration costs. The fully-gutted building was put up for sale in 2008 with a $140,000 asking price and has been on and off the market since.
Fountain joins a growing number of recent buyers and investors in the 500 Block of Main Street where construction work to return vehicular traffic is expected to start next year.