For years, I’ve been wondering what the future beholds for 507 Niagara Street. With so many different puzzle pieces coming together on the street (infrastructure and development), the future looks bright, but there are certainly some loose ends to address. One of those loose ends is this significant 14,976 square foot building that is currently being listed at $279K, for obvious reasons. This past October, the building was listed at $450,000 – the price has now dropped significantly to attract a buyer. While this structure boasts 18 one bedroom apartments, it’s in pretty rough shape and needs someone that knows what they’re doing to tackle the repairs and updates.
According to the listing agent, the structural walls are intact, though there are other significant repairs that are needed, including framing and joist repair. In the end we’re looking at a project that could run upwards of $800K to a million. The good thing is that this building could be an excellent contribution towards the rebirth of the street, if it were picked up by the right person with sound vision, fortitude, and resources.
The current owner of the building previously worked with an architect team that suggested that the building would benefit from being converted to ten units. Per the architects, the natural light from the tremendous number of windows calls for a plan with fewer, more impressive units.
The City is requiring a facade renovation spring of 2020 that would require approximately $50K for roof and $50K for facade work/improvements. Can you imagine adding wrought iron balconies onto this beauty? Then take the rest of it down to the studs and rebuild the interior?
The City is strongly encouraging redevelopment of Niagara Street at this time. There are a number of nearby properties that have been refurbished, and others that are seeing a lot of interest from prospective purchasers (more on that over the next couple of days). Also, Lasalle Park is right around the corner (Ralph C. Wilson, Jr. Centennial Park), as is the Peace Bridge. The Schaefer Malt House Lofts are also nearby (currently underway – 32 market rate apartments: a $10.3 million project).
This section of Niagara Street holds so much potential, which is finally being realized. Needless to say, 507 Niagara Street (circa 1900) needs to be purchased by the right owner, because it could one day be a shining example of the historic preservation successes that have contributed to the salvation and renaissance of this city.
Get connected: Nicholas Giambra (716) 239-6432 | See Zillow listing