A sale of a vacant or under-utilized property offers hope. Hope that the new owner has the means and vision to bring the property back to life. Oftentimes properties are purchased by investors only looking to milk a property or to hold on to it for speculative purposes with minimal investment. With seven properties for sale on two blocks in the heart of downtown, the turn-over in ownership could mean changes for the better.
The seven properties are, or in two cases were, Hunt Commercial listings. Chris Malachowski, with six of the listings, says each of the buildings have been sold, are under contract, or should soon be under contract. Malachowski is excited that all of the buyers plan “significant changes” to each.
Two of the sales have gone through:
477 Main- Purchased by The Martin Group, a marketing communications firm. The former Wendy’s will get a second floor and new façade in a make-over designed by neighboring Carmina Wood Morris, P.C.
496 Main- At the northwest corner of W. Mohawk Street, the four-story, 11,440 sq.ft. building was purchased by Kent Keating last July. The new owner has City approvals to renovate it for commercial space topped by one unit of housing.
The others either “under contract or close” are:
472 Main/283 Pearl- These contiguous, through-block buildings are four floors totalling 40,000 sq.ft. of space. The site is located between the Courtyard Mall and former Hens & Kelly’s Department Store.
501 Main- The three-story, 6,000 sq.ft. brick structure was last occupied by Stewart and Benson Travel. At one point, Signature Development had the building under contract as part of the Century City Lofts proposal.
468 Washington- The Slotkin Building is a quaint 5,550 sq.ft. on two floors plus a usable 2,000 sq.ft. basement.
535 Main- The Rose Nails building across from the Hyatt (entry image). Current owner Seymour Investments LLC purchased the four-story, 7,700 sq.ft. property in 2005 and had received approvals for a residential conversion project.
9 Genesee- Listed through Hunt’s David Doerr, this three-story building was targeted for conversion to retail and residential space by current owner Spa Lofts, LLC. Though not under contract, interest in the property is said to be heavy.
Malachowski does not want to go on the record regarding buyers and their plans, but says that all but one envision redeveloping the properties into a mix of commercial space with upper-floor residential. These smaller yet important projects will help heal a tattered section of downtown.
Get Connected: Chris Malachowski, 716.880.1914; David Doerr, 716.880.1903
Slotkin Building, 468 Washington