Packard Building Sold
The circa-1926 Midtown building was originally constructed as an auto dealership and for vehicle storage. Regan Development’s planned $9.5 million conversion will create one studio apartment, 11one-bedroom, 24 two-bedroom, and four three-bedroom units. Gross rents (rent plus utilities) will range from $306 to $850 and will be affordable to households with incomes at or below 80 percent of the area median.
The development team consists of Regan Development and not-for-profit participant Bethel CDC as developer and owner, Resetarits Construction Corporation as general contractor, Hamilton Houston Lownie as architect and Belmont Management as property manager. The deal was brokered by Bob Biniszkiewicz of Pyramid Brokerage Company.
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chris69
ok Buffalo Rising fans now that there is news about the Packard Building.....ISNT IT ABOUT TIME TO RUN A STORY AS TO WHAT IS HAPPENING TO THE ADJACENT ST VINCENTS ORPHANAGE BUILDING behind the Squire Mansion?
Just a thought?
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GDC
What is the status on the old Orphanage Building? I thought it was considered for apartment conversion.
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chris69
it was but I dont see apartments there...and its been what 5 years atleast!
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JimF
Oh good more subsidzed housing.
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Texpat10
Hopefully the renovation of the commercial space calls for the removal of the concrete and glass block that fill the original first floor window openings.
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Biniszkiewicz
texpat: the commercial space of the Packard will have large windows more appropriate to retail space. Speaking of windows, the building Cash moved his operation to (1291 Main, across from Bryant) used to have large windows which Cash will restore--he's getting quotes now (that building was originally was an auto showroom as well).
Chris69: With regard to the St. Vincent's orphanage: it's available. Want to buy it and develop it?
Regan originally had the orphanage building under contract instead of the Packard, but the costs of rehab were too uncertain and the yield of units was too light to make the project viable in Regan's eyes. When we hit a brick wall on the orphanage, the Packard building was substituted (at a higher purchase price).
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Texpat10
Excellent! Thanks for the information.
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nick
Bini, do you know if Regan is looking to utilize historic tax credits for the rehab?
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Biniszkiewicz
nick:
Yes, I believe so. Originally he was planning to add a fourth story to the building (top two floors would have beeen two-story townhouse type apartments). Because changing the building was not allowed by the state he made do with the existing shell. Also, there is in the building a ramp (to get cars to upper floors). Even though Regan's plan will not use the ramp,funding requires the ramp to remain in place. They're living with this.
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chris69
whats the asking price...for the orphanage?
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