Investing In Buffalo
It seems like more and more people are investing in our city these days. Take The Larkin Building (photo) for example. Now here is an investment that many people thought was a shot in the dark and still others were overly confident that it would never recoup the initial investment. It's projects like The Larkin Building that are making names for themselves in this city. Take, for example, Lu Modern on Elmwood. That is an investment on a much smaller scale yet it took some creative thinking to match the developers with a tenant. Lu Modern will soon open on Elmwood breathing new life into a part of that street that recently saw a Pier 1 close. There is one thing that many of these investors have in common... they believe in Buffalo.
We have witnessed many investment opportunities in recent months on BRO. Whether they were ideas for new stores, or buildings that needed to be fixed up, etc. We have found that there are people out there with the ‘ways and means’ to get projects off the ground, yet have not planted a shovel for one reason or another. For whatever reason, these investors (in Buffalo's future) are missing a component that would allow them to turn their assets into viable businesses. BRO has tapped into a few of these people who are wondering if there are any sort of investment groups where they can meet like-minded, forward thinking individuals that share in their passions for the city. Are there more people out there that have been playing the waiting game, yet want to invest in Buffalo? Please send me an email to queenseyes@buffalorising.com if you would like to find out more about these ideas and who is behind them.
Since the Larkin@Exchange was so successful. Why not build a Larkin@Exchange2 with the same number of floors and the same large footprint of space on each floor.
Hey did anyone notice that the Amherst IDA wants to merge with the Erie County IDA.....until there is only one IDA for all of Erie County. I hope it works out. Maybe they will find a way to encourage developers to build urban business campuses within Buffalo instead of those golf course office campuses their building in Amherst, Clarence and Lancaster.
Tom_in_Sobo: You don't want to oversaturate the market by adding another 600,000 SF of space. Trico is ripe for redevelopment, but the ownership situation needs to be worked out first.
The key is, use what is available and demand for new buildings will follow. But, you are right in saying that the building is perfect for businesses. Big floor plates allowing for room to expand and class A ammenities are sought after in Buffalo.
Hey, CK you know Id like to see a big building like the Larkin@Exchange2 be built on speculation and offered at below market rates to any company willing to locate from outside the region.
Yes trico is next but here is what this city is missing in its master plan. Economic clusters of jobs....aka job engines. You see the same thing in retail where successful retail likes a high density district like Elmwood or Hertel.
We have one cluster around military with GM Engine, Dunlop and Praxair
We have the Fruit Belt with the COE.
We have an excellent cluster at the old Larkin Complex. Larkin@Exchange and Seneca Industrial Complex.
Now we have lakeside commerce park which is not being developed for density...but on the model of a suburban office park with lots of grass. unfortunately.
My point is that we need to look at sections of the city and look at creating a high density retail district..and a high density business district.