Rocco Termini, downtown’s most prolific residential developer, has his sights set on the main AM&A’s building. Rumored to be the case for some time, Business First has him on the record in this week’s print edition saying he is “interested in buying and renovating the AM&A’s flagship store, but only if he can secure tax credits and incentives from New York State.” Godspeed.
This isn’t the first time Rocco expressed interest in the 350,000 behemoth at 377 Main Street. In 2005 he considered redevelopment the building for office, retail and residential uses. Termini ultimately took a pass on what was estimated to be a $75 million project. Today, a rehab is expected to cost in the $100 million range.
AM&A’s department store closed in 1995. Taylors, a specialty retailer, shuttered after an eight month run in 1999. The complex, actually five separate buildings, has been dark since.
Current owner New Horizons Acquisitions purchased the former department store and warehouses in September 2006 for $2.05 million. The company’s plan to convert the properties into a mix of residential and retail space has gone nowhere.
Termini and Signature Development are currently rehabbing the AM&A’s warehouses on Washington Street. Forty-eight residential units and 15,000 sq.ft. of commercial space are planned. Work started two weeks ago on the $11 million project (gutting underway below).