The conversion of a former school into residential and commercial space on the west side is progressing. Thanks to a $2.3 million construction and permanent loan from the Community Preservation Corporation (CPC), the Annunciation School is being transformed into a mixed-use complex. The project is being undertaken by architect Karl Frizlen and contractor Paul Johnsons’ 257 Lafayette LLC. They purchased the school building from the Archdiocese of Buffalo for $200,000.
Located at 257 Lafayette Avenue, the three-story, 34,320-square-foot brick building is being converted into 20 two-bedroom units at approximately 825 square feet each, 7,000 sq.ft. of office space and 4,000 sq.ft. for a day care center that will be leased and operated by the Waldorf School.
The distinctive brick façade dating to 1928 will be cleaned and re-pointed. Roofing will consist of a new rubber membrane covering. New windows will be energy efficient. In addition, there will be 25 on-site parking spaces. The developers are incorporating native plantings and low-impact design features such as bioswales into the site.
“CPC is again pleased to provide a construction and permanent financing loan that will help enhance the vitality of Buffalo by creating a new and vibrant mixed-use development while also retaining the architectural integrity of this 81-year-old structure,” said James L. Rykowski, Regional Director of CPC’s Albany, Southern and Eastern New York office which handled the loan transaction.
“The commitment of the borrowers to this project is underscored by the fact that their new offices will occupy some of the space of the first floor. It’s nice knowing that they will literally be part of the neighborhood they are helping to revitalize,” he added.
The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multifamily development throughout New York, New Jersey and Connecticut. Since its founding in 1974, CPC has invested more than $7 billion in more than 133,000 units of housing.