Kideney Architects P.C. is moving from Amherst to the former Erie County Industrial Development Agency (ECIDA) offices at the corner of Genesee and Oak streets downtown. The 12,300 building has been vacant since the ECIDA moved to 95 Perry Street in the Cobblestone District to co-locate with Empire State Development last fall.
The ECIDA hired CBRE to market its former offices at 143 Genesee Street in the Elm-Oak corridor and received three offers for the space. DaVita Inc., a dialysis provider, wanted to lease 8,000 sq.ft. of the space for ten years with three additional five year options to renew. Kideney Architects wanted the whole building and proposed a seven year lease and one five year option. New Directions Youth & Family Services offered to purchase the building for $1,107,000.
Last week the ECIDA Board approved the with Kideney due to its higher net present value, retained ownership, beneficial tenant-paid improvements, and ability to cover the ECIDA’s current lease costs at 95 Perry with the net income from the lease. The annual lease rate for Kideney is $16.25/sq.ft. with a five percent increase in year four of the lease.
Since the ECIDA owns the building and as a nonprofit is exempt from property taxes, the ECIDA elected to make a voluntary annual PILOT (Payment in Lieu of Taxes) of $17,407 to the City of Buffalo and $3,409 to the County to ensure the communities receive their share of property tax revenue from the building.
Kideney Architects P.C., was formed in 1926 and is the oldest architectural design firm in Buffalo. Its staff of 40 includes 15 registered architects and a team of qualified architectural designers, interiors and landscape design professionals. Recent projects include Ciminelli’s Conventus at Main and High, the Planing Mill by TM Montante at 141 Elm Street, and the recently proposed 905 Elmwood project by Ellicott Development and Local Boys Restaurant Group.
Kideney will be bringing more life to this area of downtown where 600 Catholic Health workers are moving into their new Administrative Center across the street and several new restaurants are planned along Genesee Street.
Get Connected: Kideney Architects, 716.636.9700