Investment Spin-Off

by queenseyes

With all of the recent success stories along Main Street it was only a matter of time before we started to see some investment spin-off. For example, take a look at what Siracuse Engineers LLP has done with the facade of their building. Located at 808 Main Street, the partners decided that it was time to give their frontage a facelift. "We saw the investments made by many of our neighbors and felt that it was time to fix the place up," said Peter Grace, Managing Partner. "There was a time when we were not sure if putting money into the space made sense. We saw what was happening at Granite Works, the Church of Scientology and the Sidway Building and put a plan together."

Before the recent improvements, it was tough to tell what was in the building. Peter told me that the former look was very '50s... a kind of ‘salmony’-pink color that was very out of date. "We stripped the paint and exposed the natural brick," he told me. "Then we added thermal-pane windows. Not only does it look much better, the office is not freezing cold anymore. The building dates back to the 1880s... we wanted to keep that look and feel, while updating some of the energy-saving features. We're even thinking that solar panels on the roof might make sense."

Peter sits on the board of the city's preservation board (Office of Strategic Planning), so his knowledge of these structures came in handy when working on his own. Siracuse Engineers was founded in1978 by Joe Siracuse. Joe originally opened an office in Williamsville where he practiced until 1985 when he purchased the Main Street location. Now Peter and his three partners run the business; a business that works with architects and contractors throughout the region. "At one point we found that our work was taking us to the rural suburbs," he continued. "Nowadays we find that there are plenty of projects in the city to keep us busy. Some of the projects that we have been involved with are the Electric Building, The Church, and City Honors (Joint School Construction Project). We may also be working on the renovation of the Webb Building... it's a beautiful structure. Shortly I’ll be heading over to the Transfiguration Church on the East Side to take a look its current condition."

One thing is for sure: if others had not made an investment into Main Street we would not see these types of ancillary improvements being made. I asked Peter what impact these other projects had on his decision to invest in his own property. "If we had not seen others fixing up their places, chances are we would not have made the investment. Who wants to put money into cosmetic improvements if you don't think the investment will be there for you down the road?" That's a good question. It's good to see more property owners jumping on the bandwagon.