SLIDESHOW(S): Oak School Lofts
The number of downtown housing options continues to grow. Once a downtown development afterthought, housing may ironically turn out to be its golden child. Downtown Buffalo is seeing an unprecedented number of new residential projects. The latest is Oak School Lofts by Rocco Termini's Signature Development. Located at 266 Oak Street, the former Buffalo Alternative School now houses 29 loft-like apartments.
Signature has invested over $5 million to create modern downtown living while retaining the historic character of the three-story brick schoolhouse. Twelve, two-bedroom units run between 850-square-feet and 1,100-square-feet on one or two levels. The remaining 17 units are 700-square-foot, one-bedroom units. Apartments feature granite countertops, stainless steel appliances, kitchen islands, hardwood floors, fireplaces, marble bath floors, walk-in closets, 10-foot ceilings, and even plasma TVs. To date, 16 units are leased and occupied at rents starting at approximately $800/month. Due to a mix of public and private financing, several of the units are rent restricted, based on income.
Once a ghost town when the workday ended, the recent influx of new downtown residents can provide significant and lasting benefits and help to create a vibrant, alive downtown.
Very sexy. I'm moving back to Buffalo in the next year or so and the abundance of beautiful loft buildings downtown makes me want to push up my moving date. Excellent post and beautiful pictures.
Keep it up WestCoast. You and BR are making people want to come back!
I love how this guy just comes in and does the work. He brings back a valuable old buildinga and makes the city attractive to people while other developers sit on beautiful buildings waiting for who knows what to happen. I think much of Buffalo's problems stem form inertia built up over years. Projects like this will help to wash away that inertia and hopfully take away Buffalo's wait and stall developers with it
david s. is right on the money. There are two ways of doing development. For too long Buffalo, especially downtown, has seen people looking for a sure thing. Carl Paladino has bought up properties left and right when the price was right and done nothing with them until 1) he had a tenant or 2) he had enough of someone else's money to mean he wasn't really risking anything. The Webb building mentioned on BRJ recently is a prime example.
The other school of development is the "If you build it they will come" school represented by people like Termini, First Amherst, and Chris Jacobs. They have gone out on a limb, not always without some help from the public sector or favorable financing, but nonetheless out on a limb, and done projects with a faith in the market.
The tide is turning. We can only hope that whoever is elected Mayor has the good sense to foster this new entrepreneurialism
There's alot happening downtown and elsewhere- and the smaller projects that don't get much recognition are making a heck of a difference. I hope to profile what some of the not so well-known developers are doing over the next few months. And wouldn't you know it- upper Main Street is starting to stir and its spreading to the East Side. It is exciting to see (finally!).
I find myself reading up on this stuff constantly! I've seen the Oak school lofts..they look even better in person! The floor to ceiling frosted glass panels that seperate the bedroom from the living space are amazing! I can certainly appreciate Carl Paladino's high-end luxury apartments that he's developed (I lived at the Belesario for about a year), but I have to say that I have more appreciation for people like Termini, Eran Epstein, and the like who are creating affordable loft-style apartments. And the latest - loft condos - will only help. There are many people who see no point in renting, and I'm starting to feel the same way. Why would you spend 2000/month at the Belesario, when you can spend the same or less on the newer condos that are coming?!
I think this project is fantastic! You dont by chance have contact info for the leasing office do you?
If you rent there- please inquire about a referral fee! Kidding!
The only number I found is for Ellicott Lofts by the same developer: 861-5385.
Let them know you saw it profiled on BR!
Its easy when Tony Masiello gives you 95% susidixed money...his vision was padded by The Mayor ...as were his pockets...Look closer and youll see its more of the same guys
Great job westcoastperspective. These lofts look incredible. I'm very happy to see changes taking place. I'm exciting! By the way, I love BR. This is the place where I can come to really see the positive things taking shape in this city.
Well I'm not exciting but I am excited. :)
I find myself agreeing with Brandon. I am planning on moving back to Buffalo from a brief detour in NYC. I could not imagine paying anywhere near in the 1500-2000 range that some of the higher end rentals are going for. I hope to see more condo units. It just makes no sense to rent for that price in Buffalo.
Just signed a lease for a 2 bedroom at Oak School. When I get access in Februrary I'll post back with pictures.
As depressed buffalo is i cant belive how over priced they are making these loft apartments. It blows my mind that people are paying this much to live downtown buffalo when in Rochester not even 70 miles away, the city is more to life and they have more downtown housing and rent is alot cheeper. When is buffalo going to learn...