With the market for loft apartments steady and a lack of obvious downtown conversion candidates, developers have been looking elsewhere for opportunity. Two of the largest local developers have lined up loft projects outside of downtown. Ciminelli Development is converting the Bethune Building in the University District and Rocco Termini has two projects planned for Elmwood Avenue north of Buffalo State College.
There are options scattered throughout the city. One is a seven-story warehouse at 1502 Niagara Street that is being marketed as a redevelopment site. From the J.R. Militello Realty listing:
A great location as it is near Buffalo State College with close access to the I-190 and the Rt. 198.
This seven story structure is made up of pre-stressed concrete and brick veneer. The floor plates are 50′ x 150′ and the floors are concrete with maple overlay. The facility has views of the Niagara River, Niagara Region, Downtown Buffalo, and Canada. In addition to the tower is one story totaling 10,000 SF, optimal for indoor parking.
The asking price for the 61,152 sq.ft. property is not disclosed. Bison Storage and Duggan’s Trucking currently occupy the building.
Niagara Street is lined with masonry warehouse and industrial buildings ripe for investment. Closer to the Peace Bridge, Ellicott Development has residential plans for a property at 960 Busti Avenue. That project has yet to start.
This one has challenges. It not only overlooks the 190, it is across from the wastewater treatment plant. But it has height- one of the tallest along Niagara Street. It was originally occupied by F.N. Burt Company, a manufacturer of boxes and cartons.
Get Connected: J.R. Militello Realty Inc., 716.856.2872