Late last week Buffalo lost a former Pierce-Arrow showroom when the Vernor Building was demolished. What about the circa-1926 Packard showroom in Midtown? Plans were announced for converting the Packard Building at 1325 Main Street into 40 apartments and first floor commercial space in late-2005. Work has yet to begin, but the project has not been cancelled.
White Plains-based Regan Development is still planning to redevelop the building at the corner of Riley Street two blocks north of Artspace. Their application for funding under the Low-Income Housing Credit Program was not approved in 2006 and they reapplied this year. The highly competitive program provides a dollar-for-dollar reduction in federal income tax liability for project owners who develop rental housing that serves low-income households with incomes up to 60 percent of area median income.
Cash Realty & Auctions currently owns the three-story, 70,000 sq.ft. building. Regan Development has an option on the property.
In St. Louis, a similarly scaled art deco Packard dealership built in 1913 has been converted into 33 condominium lofts (image below). Units range in size from 765 to 1,240 square feet and prices range from $156,000 to $229,000. The aptly named Packard Lofts opened this year.
Photo credit: Downtown STL