Construction Watch: Bethune Lofts
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Leave a commentThis is Trico a great development Trico. We are so fortunate Trico to have these gorgeous Trico daylight factories to adaptively Trico reuse. Let's see more of this Trico!
Obstructionists. If it was a shovel-ready lot we could be getting a Walgreens. Instead we get this...
I don't remember reading a story about how this building was going to be demolished? That being said, this is an amazing project in an area which has a ton of potential.
I never said it was going to be demolished. But if it was we'd have a shovel ready site... and progress.
Why do you gotta come in and hijack all my sarcastic comments this morning?
There have been people who argue that any abandoned building should be torn down because empty buildings give Buffalo a bad rep to visitors.
I'm not some people playa.
Sarcastic pointless comment. sarcastic pointless comment. Something childish. ramble ramble ramble
I tend to like sarcastic comments, its much more polite than just saying "you're a moron and here's why..."
that being said, nice work on this project.
Could one of these buildings be turned into condos? Why would anyone pay rent to live here. Padding the wallets of developers is not my idea of progress. I'd rather new build condos than refurbished lofts.
Perhaps because obtaining a mortgage is very difficult for many people. Or they don't want the hassle of purchasing a condo and living according to the whims of a condo association. Or they just want to stay for a couple of years, and so the costs of buying and selling would be greater than just renting. OR they are worried that the housing market may go down, so now isn't a good time to buy. Or they might not have enough money for a down payment. Or they might not qualify for a mortgage because of bad credit, or high debt. Or they might like having someone else responsible for when the inevitable problems arise. Or .....
The building must be income producing for 5 years after it is placed in service to receive the historic tax credits, therefore condos cannot receive historic tax credits of which this building would be not rehabbed without. It is also much more of a hassle for the developer to have a building turned into condos.
thanks, nick.
every time a building gets converted to apartments, someone whines about condos and someone else patiently explains that the historic tax credit program does not permit them. it's like a broken record here at bro.
so, as a general public service announcement:
WE KNOW YOU WANT CONDOS. BUT IF WE USE HISTORIC TAX CREDITS, WE CANNOT DO CONDOS.
thank you, and very sorry for shouting.
$Nick: " It is also much more of a hassle for the developer to have a building turned into condos."
Can you elaborate? Not structurally or architecturally but because of red tape?
Grad: do you know, after that five years can the developer do as they please? ie, change to individual unit sale?
Louis, I'm not an expert as I only work on the apartment/for-profit conversion side but there's all sorts of procedures you have to go through with the state to set bi-laws and other requirements. Here's a guide to the process:
http://www.ag.ny.gov/sites/default/files/pdfs/publications/COOP%20CONDO%20Conversion%20Handbook.pdf
With regard to the HTC, after the 5-year recapture period the owner is free to do what they want with the property.
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Dear Citizens of Buffalo,
Sorry you have to live in a community so backward that it sees projects like this as progress.
You are all welcome to move to Lackawanna, where we know what progress comes through demolition.
Sincerely,
Mayor Geoffrey Szymanski
Lackawanna
Thats why Bethlehem Steel co. was demolished? Just throw away old bulings with value. I think this is a great idea because you know where Bethlehem Steel was will be empty for years to come. Lets work with what we have... it looks like progress to me.