Downtown has a new residential address just steps from City Hall. 100 South, at 100 S. Elmwood Avenue, is opening on October 1st. Twenty-two of its 26 residential units are pre-leased, demonstrating solid demand for quality, new downtown residences.
“We’re extremely excited about it,” says Anthony Baynes who partnered with Kent Frey on the rehab project. “We didn’t run one ad.”
“Lofts are hot right now; we are getting several calls a month from people inquiring about the loft apartments. People are moving here from other cities and looking for these types of apartments, similar to what they left behind when they relocated. They look at Buffalo and see potential written all over it,” said Frey.
Frey cites an example of a gentleman that is moving to Buffalo from New York to work at Roswell Park and rented one of the lofts sight unseen. “He knew he was getting a great deal,” said Frey.
Baynes and Frey are overseeing the final touches on the project. “Things are looking great,” says Baynes. He credits the work of architectural and engineering firm Carmina Wood Morris and construction manager LP Ciminelli for bringing their vision to reality. First Amherst Development is managing the property.
“We are very fortunate to have put together a great team,” he says.
The development partners purchased the circa-1916, four-story building in March 2010 for $500,000. The building was originally home to the Robertson-Cataract Electric Co. and was later occupied by the Corn Exchange. It had been vacant for nearly several years before being purchased.
The rehabbed building features 6,000 sq.ft. of commercial space and 26 loft-style apartments on the upper floors.
Apartments feature high ceilings, large windows, hardwood flooring, granite countertops, stainless steel appliances, in-unit washer and dryer, and large walk-in closets. There is underground parking for 18 cars and additional parking has been secured in a lot across S. Elmwood owned by Mark Croce.
One bedroom units range in size from 724 to 1200 sq.ft. and two bedrooms have 1,096 to 1,702 sq.ft. of living space. Eight of the units are two-stories, six of those are on the fourth floor and have private rooftop patios with sweeping views of City Hall, the new Federal Courthouse, Niagara Square, and beyond. Two of the units on the third floor also have patios. Rents range from $900 to $2,100.
Baynes and Frey are excited about participating in downtown’s rebirth.
“Developers and government officials are embracing historic preservation and revitalization,” he says. “By working together, we can accomplish great things.”
And Baynes isn’t says this is only the beginning. He says he is looking for other projects and has his eyes on two properties for conversion to residential right now. Stay tuned.