A pioneering adaptive reuse project completed four years ago by Schneider Development recently underwent a series of upgrades to reposition it to best meet the ongoing demand for downtown housing.
Schneider Development has invested $120,000 to reconfigure and update apartments at the Lofts at 136, converting it from a student housing complex into a market rate apartment building. It has been rechristened AC Lofts at 136 N. Division.
“Back when we first designed the project in 2009, it was geared towards college students. It turns out that the demand for student housing wasn’t nearly as robust as we anticipated and that we were turning our back on a lot of people looking for market rate apartments,” said architect/developer Jake Schneider.
Prior to undergoing the renovations, tenancy was reserved for ECC and Buffalo State students. Schneider says that now the building’s tenant base primarily consists of working professionals from the medical campus, bank headquarters, and other downtown businesses, as well as a few families.
The 91 units range from studios starting at $800 per month to four-bedroom units that go for $1,425 per month. Amenities include on site parking, heating and cooling included in the rent, and tenant storage space. The building was recently acknowledged by NYSERDA for being 32 percent more energy efficient than New York State Building Code requirements.
Along with the property’s conversion to market rate apartments, Schneider is looking to a repurpose a 3,000 sq.ft. former student activities center into commercial or retail use (above). The space was originally the shipping and receiving docks for the Alling and Cory Paper Company, who the building was constructed for in 1910. The raw space features high ceilings, tiered levels, exposed brickwork, and garage doors that open to the street.
The building also has a 1,100 sq.ft. turnkey convenience store for lease that was formerly a Wilson Farms before the retailer acquired by 7-11 (above). According to Schneider, Wilson Farms was grossing just under half a million in sales out of the space during their last year in operation but it just did not fit 7-11’s standard operating model.
“It’s an exciting time for downtown Buffalo and we are looking for good commercial tenants that compliment the property and also add to the exciting mix of things happening downtown,” he says.
Schneider Development has recently finished Apartments at The Hub, 50 upscale loft apartments and retail space in two historic buildings at 145-149 Swan Street where over half of the units are leased. The company is also moving forward with its next project, redevelopment of 295 and 305 Niagara Street into a mix of residential and commercial space.
Get connected: Schneider Development, 716.923.7000