It appears as though the Century City Lofts project has stalled. At least two of the properties Signature Development had optioned for the development in the 500 block of Main Street are back on the market. 501 Main and 510 Washington streets are sporting for-sale signs as the block-transforming Century City lofts project has struggled to cobble together a financing package. A source familiar with the project maintains the development plan is “not dead” however.
The $15 million Century City Lofts project proposed 42 residential units and ground floor retail on a long-struggling block downtown. The infill project was to incorporate five properties along Main and Washington streets including the vacant Century Theater lot which would have been turned into structured parking. Carmina & Wood P.C. designed the project.
Century City Lofts (rendering below) is said to be stuck in neutral because of the currently turbulent commercial finance and historic tax credit market. The source reports that Signature is still pursuing the project and the delay is a “temporary pause.” Meanwhile, building options are expiring and owners are dusting off for sale signs.
“501 Main is back on the market for $185,000,” says Chris Malachowski of Hunt Commercial Real Estate. The three-story, 6,000 sq.ft. brick structure is being marketed as ideal for office or apartment conversion. It was last occupied by Stewart and Benson Travel.
On Washington Street, the seven-story, 19,500 sq.ft. structure at 510 Washington Street (entry image) has been listed with CBRE. Robert Roller of CBRE says the building has a $495,000 asking price and is ideal for restoration and conversion to residential or office use. Under the Century City plan, the former Flint & Kent department store warehouse was to provide for fourteen residential units.
Redevelopment of the 500 block has been talked about for years. A reuse plan for the block was prepared by the University of Buffalo's Urban Design Project in 2007.
Signature Development did not respond to a request for comment. Iskalo Development, who had the former Burger King under option at Main and Mohawk for a 'mid-rise, mixed-use project,' was interested in the block prior to Signature unveiling its plans. It remains to be seen if Iskalo will take another look.
Get Connected: Chris Malachowski, Hunt, 716.880.1914; Robert Roller, CBRE, 716.362.8710