Pre-leasing has started for the Larkin District’s newest residential project. Indiana-based KCG Development is converting the former Atlantic & Pacific Tea Company warehouse at 545 Swan Street into 147 mixed-income apartments and commercial space. AP Lofts at Larkinville is a short stroll away from both Larkin Square and downtown and sits next to two other adaptive reuse projects: Seneca Street Lofts and Hydraulic Lofts. It will be the largest residential conversion project in the city in terms of number of units. Apts at the Lafayette is the runner-up with 115.
Originally constructed in 1917, the eight-story warehouse will contain one and two bedroom apartments, amenity spaces, and 4,200 sq.ft. of ground-floor commercial/retail space fronting Hamburg Street. Project amenities include a community room, business center, professionally managed leasing office, fitness center, outdoor patios and green spaces, a laundry facility, and climate-controlled indoor parking.
As the building is listed on the National Register of Historic Places, KCG has worked with the New York State Historic Preservation Office and the National Parks Service to redevelop and preserve the building in tune with its original historic nature and aesthetic. The narrow, high windows on the building have been replaced and not enlarged.
To finance the project, KCG secured $975,000 in HOME funding from the Buffalo Urban Renewal Agency in addition to over $8 million from the New York State Housing Finance Agency’s New Construction Capital Program and Middle Income Housing Program. Citibank, N.A. provided a construction letter of credit. Boston Capital provided $21.3 million in LIHTC and HTC equity financing while the New York State Housing Finance Agency issued $20.7 million in tax-exempt bonds in connection with the transaction.
The property will be managed by Landsman Real Estate Services and RP Oak Hill is overseeing the work. Carmina Woods Morris is project architect.
A leasing office has been set up at 1207 Delaware Avenue. Apartments are expected to be ready for occupancy this fall.
Get Connected: AP Lofts, 716.844.6055
