AM&A's Saga Continues
New Horizons Acquisitions purchased the former department store and warehouses in September 2006 for $2.05 million. The company’s plan to convert the properties into a mix of 180 apartments and ground floor retail has faltered. The buildings have been on and off the market since.
City officials have been pressing New Horizons in Housing Court to move forward with redevelopment plans for the imposing downtown complex. In early-2007, masonry along Washington and Eagle streets began raining onto sidewalks. Workers secured the former store and warehouse buildings by chipping away loose terra cotta tile and bricks.
Developer Rocco Termini is attempting to purchase and rehab the historic warehouses. Preliminary plans call for forty residential units and approximately 14,000 sq.ft. of commercial space. Termini is working with architecture, engineering, and interior design firm Carmina Wood Morris, P.C. to formulate a feasible reuse plan.
The City expects to fill the underground tunnel with concrete. Repair work, which will take at least a week to complete, is expected to cost around $100,000 according to The Buffalo News.
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mybuffalo
phil mish mish
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Sal
I'm hoping the city is billing for it's hours.
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vgs
The Statler is being sold WCP, get the scoop
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urbansoul
I broke the Statler story days ago on here :-)
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xosder
Sal: they are, however somebody will still have to collect the bill. Historically, the City hasn't had much luck getting reimbursed by the current owners. For example - the Church at Delaware and Tupper. The City spends upwards of $250K in emergency stabilization, liens the property and proceeds to drop the lien when the new owners come in and promise to complete the project, which they did. I believe this will be true of the Livery $500K and the AM&A's tunnels which will end up being well above the $100K number that has been floating around. In reality, I don't think it's fair to strap the subsequent legitimate developer (apparently Savarino on the Livery and Termini on the warehouse half of the AM&A's) but it really sucks that it ends up coming from us essentially.
These guys bought the two properties for about $6/sf, while all the other loft conversion shells were selling in the $8 to $10 range in the City. On the surface it seems like a good deal, but they failed to walk through the buildings and see the tremendous liabilities they were taking on, such as the collapsing tunnels, vaults and masonry throughout.
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bufflow
urbansoul.....the newspaper first had this story in early Aug. I work in the Statler and kept a copy of it. you broke nothing. And, by the way, the statler management still says the paper is wrong about this.
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bufflow
urbansoul.....the newspaper first had this story in early Aug. I work in the Statler and kept a copy of it. you broke nothing. And, by the way, the statler management still says the paper is wrong about this.
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urbansoul
LOLOL simmer down, bufflow. notice the smile? it was sarcasm. someone needs a drink.
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