A downtown housing project targeting students is moving forward. Jake Schneider purchased 136 North Division Street on May 1 for $1.85 million. The deal was brokered by Hunt Commercial’s Chris Malachowski.
Schneider will convert the 100-year-old Alling & Cory building into a 90-apartment/dorm complex. The Erie County Industrial Development Agency approved incentives for the $16.6 million project in April.
The 109,000 square foot building was purchased by AC Lofts LLC, headed by Schneider, a well respected architect and developer. Preliminary work on the building is underway with hopes of welcoming its first tenants in late summer 2010. The project is geared towards students who are enrolled at the downtown campus of Erie Community College and are interested in residing in close proximity to the campus (there are however no formal ties between the developers and the college).
It has long been known that ECC desired and would certainly benefit from a dorm-like building that would be accessible to its students but until now the right pieces of the puzzle could not be put together. The complex, consisting of three buildings, was built in 1905 and remained a paper company for the duration of its existence until the early 1990’s. Interestingly, Mr.Schneider’s recent successful housing venture at 210 Ellicott was also once a former paper distribution site, a deal also brokered by Mr. Malachowski in 2006.
Above Photo Credits: Nathan Mroz (Buffalonian4life) of BuffaloScenicPrints.com
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Contact: Chris Malachowski