Trico and M.Wile Properties For Sale
Eight properties owned by the estate of the late Stephen McGarvey are in play and are already drawing interest. Buffalo Niagara Medical Campus officials are looking to buy the former Trico and M.Wile factories. The buildings, including a vast surface parking lot on Ellicott Street, are up for grabs as a package or piecemeal. McGarvey’s properties are geing sold under the watchful eyes of a Pennsylvania banktruptcy court.
Erie, PA-based McGarvey purchased the sprawling Trico Plant in 1999 and the adjacent former M. Wile factory in 2000. He promptly announced ambitious plans to convert both properties into mixed-use commercial space. Dubbed Century Centre I & II, work began on renovations to the M. Wile building but stalled after the developer ran into financial difficulties including potential foreclosure due to unpaid property taxes.
Work resumed after he refinanced properties in Erie and Century Centre II, the M. Wile building, was completed in 2002. It is approximately 80 percent leased with URS Corporation and the Buffalo Employment and Training Center as anchors in the 145,000 sq. ft. facility.
Plans for the renovation of the hefty Trico complex were back on track when McGarvey brought on Ciminelli Development as a partner in the project in May 2004. Initial plans included a 2,400 space parking ramp, up to 260 apartments on the upper floors and commercial space in the remainder. The plans suffered an unexpected set-back when Stephen died in February 2005 at the age of 36 due to health problems associated with a childhood fall off a cliff that had left him paralyzed.
The properties sit at the gateway to downtown and help connect the Theater District to the emerging Medical Campus. Thus it comes as little surprise that the Buffalo Niagara Medical Campus is bidding for the properties. With the University of Buffalo having announced their intentions to expand their downtown presence, it might have just found a home. A buyer (or buyers) is expected to be chosen in September.
Photo credit: Citysky Photography by Nate Farnsworth
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Perry
It's nice to see this log jam finally shaking free.
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al-alo
my money is on the logjam
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OutSideLookingIn
How do you find information about the sale?
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SLEEPL8
If the BNMC is going to grow as is anticipated then it will be highly benefitial for the BNMC to acquire these properties. It is very doubtfull that the existing structure of the Trico factory can be used for research purposes however with enough funding the area can be redeveloped. I hope this deal works out.
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Olcott_Beach
I was under the impression that Ciminelli was going to consolidate their entire operations at this site...
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chris69
dare I say it again, Buffalo needs more Centers for Excellence and the current Center for Life Sciences needs to be about 6x bigger! (or it wil never have the mass to have any spin off benefits for jobs)
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