After quickly filling its Allentown Lofts project, Kissling Interests is aiming for a repeat performance with it most recent purchase at 249 North Street. Kissling expects to invest over $600,000 upgrading the historic mansion’s eight apartments.
“We’ll be targeting the high-end market,” says Kissling’s Executive Vice President Scott LaCasse. “The property is close to some of our other buildings and it is a great area. It’s neighborhood we do well in.”
Since opening in February, the company has leased all ten units at the Allentown Lofts development at 430 Virginia Street. LaCasse says that tenants are willing to pay for quality space and finishes. Units in the building are leasing for up to $3000/month.
“We’re getting great rents there, better than anticipated,” he says. “The location, design of the units and the level of finishes are paying off.”
While work at 249 North isn’t expected to be underway until the fall, Kissling is already making a difference after buying the bank-owned building last week. “The three existing tenants are thrilled; we cut the lawn yesterday (Thursday).”
Kissling has retained Tommaso Briatico as project architect. LaCasse says the building is structurally sound but still needs a lot of work. “We’ll be adding a laundry room, cleaning up the interior woodwork, putting in new landscaping and will upgrade the units to give them a more European look.”
Carmina Wood Morris is working with Kissling to secure historic preservation tax credits. The building’s exterior color scheme will change if the State Historic Preservation Office agrees to it. New Jersey-based Ziegler Designs, which has worked on several other local Kissling projects, will work on the interior finishes.
“We’ll be changing the unit layouts a bit and installing higher-end finishes,” says LaCasse. There are three, one-bedroom and five, two-bedroom apartments in the building. Rents are expected to start at $1200 and top out at $2500 for an 1,800 sq.ft. unit with vaulted ceilings.
“People will be shocked when we’re done,” says LaCasse. “It’ll be beautiful. We’re excited.”
Since the process for securing State approvals for the tax credits takes a few months, LaCasse doesn’t expect work on the North Street project to start until September.
Closer to downtown, Kissling will be starting work at the end of August to convert the Lake Hotel on W. Huron Street into eight apartments. Seven of the apartments will be two-bedroom, two bath units averaging around 1,000 sq.ft. The eighth unit is a one-bedroom, one bath handicapped adaptable unit on the first floor. Rents are expected to be in the $1500/month range.
The company’s Ambassador Apartment building renovation is expected to start in October or November. Renovation details prepared by Ziegler Designs will be shown to residents at an upcoming resident meeting. Units in the building will be renovated floor-by-floor.
Despite the three upcoming city projects and a large redevelopment project in North Tonawanda, don’t expect Kissling to slow down anytime soon. LaCasse says the company continues to look for development and adaptive reuse opportunities.
Get Connected: Kissling Interests, 716.853.2787
Allentown Lofts – 430 Virginia Street