Real Estate: November 2010 Archives

For those searching for luxurious living in Buffalo and not wanting to maintain a large historic home in order to do so, look no further than Avant.  Coming down Delaware Avenue, Avant is hard to miss as it rises in beautiful blue paned glass that brightly reflects the sun.  Buffalo Rising was recently granted a tour of the complex from the basement to the roof and everything in between.

The tour was led by marketing manager Anastasia Malagisi, director of planning and design Mike Longo, and property manager John Comerford. 

A three-story apartment building on the west side is coming back to life.  Tony LoRusso's Casa Shelby Development, LLC is renovating the former hotel at Virginia and Tenth streets for residential use.  Twenty-two apartments and private parking are planned. 

LoRusso purchased the 15,500 sq.ft. property in late-January for $72,500.  The developer received assistance under the Erie County Industrial Development Agency's new Adoptive Reuse Policy.  Historic preservation

Despite being nicknamed "The Money Pit" by the company's president, ZeptoMetrix's $800,000 renovation of 878 Main Street appears to be a success. The project, nearing completion, also included a renovation of the firm's next-door facility at 872 Main Street. ZeptoMetrix, a biotechnology firm, purchased the long- vacant structure from the City in December of 2007 for $70,000 after the firm was selected to redevelop the vacant circa-1890 Allentown property one year prior.

Mark Croce sees limitless potential in the 19-story historic Statler building.  Once Buffalo's most elegant hotel, the building is a shell of its former self surrounded by chain link fencing and its ground floor windows boarded up.  Despite being empty for nearly a year, and having undergone several unkind "renovations" by previous owners, the building is in relatively good shape.  But with winter approaching and bankruptcy court deadlines looming, the future of the building remains very much in doubt.

Croce and James Eagan's Statler City, LLC have a phased

Chef's Restaurant's expansion is wrapping up as work is starting on an addition to the Buffalo Transportation Pierce-Arrow Museum.  Construction on the $1.5 million Chef's project started in September and is expected to be completed in early December. 

The 1,700 sq.ft. addition will add a bar area, a small retail shop and a new dining room that can be used for private parties.  A drive-thru takeout window is located along the Chicago Street side of the building.

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Restoration work is underway at 678 Main Street.  The ornate terra cotta building is just south of Tupper Street fronting the light rail tunnel ramp.  Chris Jacobs' Avalon Development is spearheading the $1.36 million effort.

Jacobs purchased the building in February 2009 shortly after tenant OPM Lounge/Club Groove closed.  The building fronting is approximately 14,000 sq.ft. with a 2,500 sq.ft. two-story addition in the rear.  The Main Street side of the complex

Looking for an impressive restoration project?  Check out the southeast corner of Main and Utica streets.  The two-story commercial building at 1373-81 Main Street has been turned into a small business incubator along with retail space by the Bethesda Community Development Corporation, an affiliate of the Bethesda World Harvest International Church.

Bethesda purchased the 17,200 sq.ft. building in 2007.  The church is located in the renovated circa-1914 Regent Theater next

Sam Savarino and Chris Jacobs are capitalizing on the tens of thousands of hockey fans expected to attend the World Junior Hockey Championships starting next month.  They are creating banquet and meeting space on the ground floor of 95 Perry Street that will be serving food and beverages during the December 26 through January 5th event.

"One of the concerns was that there were not enough venues for folks to hang out during that time," said Sam Savarino, President and Chief Executive Officer of Savarino Companies.  "We hope to address that.  We will then open the place for

Progress and development is gaining momentum in the Larkin District and if a trio of local developers have their way, the restoration of one of the largest buildings in the city will add to the transformation of the neighborhood. 701 Seneca will be restored and reused at the tune of $50 million. Seneca Holdings, LLC has big plans for redevelopment, according to Jim Cornell of Praxiis Business Advisors, one of the three principal investors involved with the project.

The property

Business is good at the Embassy Suites Buffalo. So good, in fact, that the hotel chain operating in Uniland Development's recently completed Avant mixed-use building on Deleware Avenue is expanding. The eighth floor, previously reserved for office tenants, will be converted to additional hotel rooms. When completed in April, the 29-room expansion will bring the total number of rooms

Does Buffalo need another downtown hotel?  This is the question many asked when Uniland announced their downtown mixed-use conversion project, Avant.  And Uniland Development Company answered not with just another "downtown hotel" but with the premier hospitality, residential and office space in Buffalo.

The Embassy Suites Buffalo at Avant has quickly become the choice

The former Penn/Lamar Advertising property at the corner of West Avenue and Maryland Street could see a two-building, 83-unit apartment project constructed under a proposal by developer Anthony Lorusso.  Lorusso's firm, APL Properties, owns the Brent Manor apartments at 366 Elmwood and a number of other properties on the West Side.

Approximately 30 people attended a Wednesday night information meeting on the project and raised concerns about the project's design, site cleanup and plans for a laundry facility in one of the buildings.

Two 3-story, flat roof buildings facing

Things are moving forward in the Larkin District on a daily basis and the official opening of the Larkin streetscape is a great example of progress. Five years ago Larkin Development Group approached the UB School of Architecture and Planning to create a master plan for the area and by partnering with First Niagara, part of that plan has come to fruition in the streetscape project.
 
The goal of the streetscape restoration was not only for aesthetic purposes, but to create "a vibrant, mixed-use, commercial, residential, and retail environment" says Larkin Development managing

It has been said time and time again that the Statler is a treasure that must be saved and that is exactly what Mark Croce and James Eagan are attempting to do. Statler City LLC has put together a phased approach for seeing the rehabilitation and reuse of the iconic Buffalo

On Wednesday, Statler City, LLC and Preservation Buffalo Niagara held an event at the historic building to present their proposal for the future of the property to an estimated 125 civic leaders, developers, and elected officials.  Statler City, LLC, headed by developer Mark Croce and businessman James Eagan, has been approved to purchase the building.

While the building is steeped in legal issues and many have called for its demolition, the group insists that saving would be the most sensible option.  Citing the Memorial Auditorium as an example, the presentation pointed out

Andrew J. Rudnick is at it again.  The president of the Buffalo Niagara Partnership has again gone on record saying that investing in the Statler is unwise.  Curious talk from the head of an organization "working for improved business competitiveness and expanded economic activity in the region" and advocates for "policies and resources to increase private sector investment and jobs."

Rudnick is /real-estate/2010/11/index.html

State and local elected officials have a decision to make.  Invest $5 million to stabilize the venerable Statler building or come up three times that amount (or more) to demolish the building.  Would-be developers Mark Croce and James Eagan have plans for the property but can't go it alone.  They want to see the building redeveloped but are reportedly looking for state and city help to stabilize the building. 

The Statler's clock is ticking.  Croce and Eagan submitted the only bid to purchase the property in August.  Their due diligence period expires on