Big Deal: Hamister Buys Tishman Building

Lafayette Square’s Tishman Building has a new owner and a mixed-use future.  Hamister Hospitality purchased the 20-story building last Thursday for $1.8 million from a New York City investment firm.  A mix of office, residential and hotel space is planned with work starting in the spring.

Redevelopment plans for the circa-1959 Tishman Building will bring 24/7 life to a strategic downtown corner. The building has struggled to attract office tenants since National Fuel moved out in 2003. Its 9,000 sq.ft. floors, prime location, and sweeping views are ideal for the uses Hamister Group has in mind for the property. 

A Hilton Garden Inn will occupy the first 14 floors.  There will be three floors of apartments above the hotel and three floors of office space on floors 18 through 20.  Carmina Wood Morris is project architect.

Plans call for a bar/lounge and business center for Hilton Garden Inn guests on the first floor.  A fitness center will be located on floors four through six on the north side of the building, windowless due to the adjacent Lafayette Court Building.

Tishman MainandCourt.jpgThe existing lobby that was recently upgraded will be used as the office and residential entrance. A new lobby for hotel guests will be created fronting Lafayette Square with a porte-cochere and bump-out designed as to not interfere with the Main Street re-traffic project. Valet parking will be provided.

Hamister is expected to utilize historic preservation tax credits to help finance the project.  The building was placed on the National Register of Historic Places earlier this year.

The Hamister Group currently manages ten select-service hotels in the states of Pennsylvania, Tennessee, and Kentucky.  The firm is also planning a mixed-use hotel project in downtown Niagara Falls.

About the author  ⁄ WCPerspective

Buffalo and development junkie currently exiled in California.

0 comments
© 2014 Hyperlocal Media. All Rights Reserved.