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Big Deal: Phoenix Brewing Building Sold; Redevelopment Planned

The developer that we heard was eyeing the Phoenix Brewing Building at 835 Washington Street has closed on the deal.  Congratulations to Matt Connors and Nick Sinatra.  Their Phoenix Brewery Apartments LLC purchased the historic property today for $1.785 million.  Upscale apartments and commercial space are planned for the Medical Campus property.

The 49,700 sq.ft. building is located at the southeast corner of Washington and Virginia streets, one block from Main Street and the Granite Works development and directly behind the Innovation Center.  It is also just a short walk to the Market Arcade complex that Sinatra’s Sinatra and Company Realty is purchasing and moving its headquarters to.

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The Buffalo News has the details:

[Sinatra] now plans to spend about $3.5 million on top of the purchase price to renovate the structure into 35 to 40 high-end, market-rate apartments, aimed squarely at well-paid medical campus employees who want to be able to walk to work.

The loft-style, luxury apartments are being designed “with an industrial feel to them to fit into the old, turn-of-the-century industrial Buffalo,” Sinatra said. They will have exposed brick and concrete floors, along with features “that will accentuate the historic brewery concept that will tie it into the whole building.”

Most will be large two-bedroom, two-bathroom units, of at least 1,000 square feet in size.

Sinatra said he hopes to retain two current tenants – a barber and a personal trainer, both of whom work only by appointment – as amenities for the building. There will also be indoor parking in the building.

The developers are pursuing historic preservation tax credits for the project and expect to have the residences completed by next spring.

“Our goal with this project is to create the first, on-campus luxury living opportunity,” says Connors.

Get Connected: Sinatra & Company, 716.220.8468

Written by WCPerspective

WCPerspective

Buffalo and development junkie currently exiled in California.

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