Regan Development’s amazing conversion of the historic Packard Building in Midtown is wrapping up with a ribbon cutting scheduled for Wednesday, June 3. Located at 1325 Main Street at the corner of Riley, the three-story, 70,000 sq.ft. property contains forty units of affordable rental units along with ground floor commercial space. Regan purchased the property one year ago from Cash Realty & Auctions in a deal brokered by Bob Biniszkiewicz of NAI Pyramid Brokerage Company.
The circa-1926 building was originally constructed as an auto dealership and for vehicle storage. It is two blocks north of ArtSpace in a stretch of Main Street seeing increased investment. There is one studio apartment, 11 one-bedroom, 24 two-bedroom, and four three-bedroom units. Gross rents (rent plus utilities) range from $287 to $800 and will be affordable to households with incomes at or below 80 percent of the area median. Due to the financing used, project sponsors must ensure long-term (15-30 years) use by low and/or very low-income persons.
The project team consists of Regan Development and not-for-profit participant Bethel CDC as developer and owner, Resetarits Construction as general contractor, Hamilton Houston Lownie as architect and Belmont Management as property manager.
The project received $1.38 million from the Housing Trust Fund with additional financing from a several other programs including low-income housing credits and historic preservation tax credits. Amenities include parking, a tot lot playground, a community room, as well as on-site management and laundry facilities.
Over the past 17 years, Regan Development Corporation, a family run business based in Ardsley, New York, has developed over $172 million worth of residential and commercial real estate.
Get Connected: Regan Development, 716.883.3023
Above: Packard Building, 2006. After conversion, below.