The former Trico and M. Wile factory buildings will soon have a new owner. Buffalo Niagara Medical Campus (BNMC) was the successful bidder in an Erie, Pennsylvania bankruptcy court proceeding held Thursday afternoon settling the estate of the late Stephen McGarvey. The properties include the Trico Building and parking lot on Ellicott Street, approximately 7.79 acres, and the nearby M. Wile building and its parking lot with approximately 4.3 acres. The buildings were put up for grabs as a package or piecemeal.
BNMC officials are buying the Trico complex to provide space for medical research expansion and the University of Buffalo will take the M. Wile building as part of its long-range 2020 plan of increasing its downtown presence. The BNMC offer of $20 million was subject to higher bids at the time of the sale confirmation hearing. Two other developers had also placed bids on the properties.
Erie, PA-based developer Stephen McGarvey purchased the sprawling Trico Plant in 1999 and the former M. Wile factory in 2000. He promptly announced ambitious plans to convert both properties into mixed-use commercial space. Dubbed Century Centre I & II, work began on renovations to the M. Wile building but stalled after the developer ran into financial difficulties including potential foreclosure due to unpaid property taxes.
Work resumed after he refinanced properties in Erie and Century Centre II, the M. Wile building, was completed in 2002. URS Corporation and the Buffalo Employment and Training Center serve as anchors in the 145,000 sq. ft. facility.
Plans for the renovation of the 580,000 sq.ft. Trico complex were back on track when McGarvey brought on Ciminelli as a partner in the redevelopment in May 2004. Initial plans included a 2,400 space parking ramp, up to 260 apartments on the upper floors and commercial space in the remainder. The plans suffered an unexpected set-back when Stephen died in February 2005 at the age of 36.
Photo credit: Citysky Photography by Nate Farnsworth