To add to the potential development momentum on Tonawanda Street, another significant property is now up for sale. This one, located at 57 Tonawanda Street, is 125,010 square feet and is comprised of four connecting buildings. Ed Mills at Militello Realty is listing this property, which is going for $400,000. The complex sits on 4.79 acres of land and is located in a part of the city that is experiencing tremendous growth.
According to the Militello listing, the buildings were once part of Fedders Manufacturing Works (established 1896). They are also eligible for Historic Tax Credits.
In tandem with a historic freight house located across the street (see here), a series of developments in such close proximity could be significant turnaround for this quirky industrial street that ties together Amherst Street and Niagara Street. Niagara Street is currently undergoing an incredible transformation with a mix of public/private projects underway. There could be no better time than to extend the momentum to a street that could play a crucial role in the city’s rebirth.
In the Buffalo Green Code (Brownfield Opportunity Area – BOA), the Tonawanda Street Corridor is primed for potential uses and is situated along Rails to Trails connection opportunities (see PDF), among other opportunities, including its close proximity to Buffalo State College and the Richardson-Olmsted Complex.
Employment Diversification Scenario – Development of innovation campus adjacent to Scajaquada Creek, connected to Buffalo State College.
According to Mills, as with most industrial property sales, once a purchase agreement is signed, part of the due diligence period will involve environmental investigation.
Get connected: Contact Ed Mills, Associate Broker – J.R. Militello Realty, Inc. – ed@militello.com or 716-856-2872