Project Update: Packard Building
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
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scooter
Plaza Group - 653 Main - Pierce Building.
I got to tour it.....it's awesome....only four apt upstairs....but nice.....great view. Great renovation.
I hope the Packard turns out similar to the Pierce.
Main Street is really coming alive....slowly....but getting there.
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scooter
Although....i wish Regan Dev wasn't focused on low income housing for the Packard.
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tudorguy
Why the low-income piece for this great building? We have enough section 8 as it is. Get some money living on the street.
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scooter
tudorguy......agreed.....nothing against low income housing. or the people that need it.
But we cant expect further growth and development around this site if its all section 8.
And growth and development is what we need.
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zen
scooter, will part of it be set aside for S-8 or all?
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Bizzles
Because "money" won't move on to that part of Main in its curent state. Without the matching federal credits this project would not be feasible. Just be glad something is being done withthe building so that it dosen't turn itno a parking lot. "Growth and development" needs to start somewhere, often small.
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dude
Bizzles is right. That section of Main is a tough sell for those who can chose where to live. Hopefully Artspace will help change that a bit, but it will still be years before that area is "there".
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MJWorthington
Just like the the Elk Terminal would never take off?
These areas need money living in them. While the low income may guaranty the buidling gets reused it does not ensure a neighborhood turn around.
The city needs to develop some plans that allow a savings (incentive) to build for those at, or just above the median too. Maybe even something like delayed taxes that could be recouped upon future sale of the building?
Similar to the housing rehabs/new builds. Helping out low income is nice, but until people with some more money start living in these ares they will continue to be on a subsidized slide. The initial wave of money needs some incentive to kick start these neighborhoods.
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chris69
I dont care if its Section 8...as long as the building isnt demolished. A Section 8 building could eventually be converted into free market apartments or condos....but there is no alternative in a demolished building.
This is what should have happened with the schmidt and vernor!
I dont care what the interior of the Schmidt and Vernor were like...at the very least...they should have kept the facades and built the new building in the back.
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priezcykniewski
why the hell do the damned poor people screw everything up? what happened to the idea of converting the Aud into a giant rooming house? or why can't they move some of them to depew or hamburg, two places with ugly names.
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Fudgeworth
"two places with ugly names" says PRIEZCYKNIEWSKI
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katiemd
Since when is there an area in Buffalo desingated as "Midtown?" It sounds pretty affected.
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Hospitable
Right up there with the section 8 housing in the Hotel Lafayette.... better than nothing? Is it really that easy to convert into condo space anyways?
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doc
I visited the site of the Vernor demo and obtained a few pieces of the glazed terra cotta cornice, cleaned them up and installed them in my garden. They look great. I did the same thing with a piece of the Chamber of Commerce building that was demo'd for a parking lot (I think some of the building is stored somewhere, at least the glass dome). It's my way of keeping the building alive. Although I have to say that if done properly, that piece of real estate could support a beautiful, totally urban, brownstone-style condo development in the 500,000 to 2,000,000 range.
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tdimatteo
I think Section 8 is different from Low-Income Housing Credit Program but not exactly sure. Didn't the folks who own/run Holling Press apply for Low Income Housing Credit Program? Isn't that why they have income limits for residents and on of the lowest rents for new apts in the area? I'm not exactly sure maybe someone can get some answers?
-The Hotel Lafayette does not take Section 8.
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kelly
Why is it that every development these days is either for low income or high? Where's the mid range? I don't qualify for section 8 or any sort of low income housing by a long stretch, but I can't afford $1000 or more a month plus utilities for a one bedroom, either, and it seems like those are the only options for the huge number of new developments we've seen in recent years.
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NBJOHN
The Hotel Lafayette is the greatest pity.... Kind of shows have far DT has fallen, but with places like Buffalo Rising bringing these issues up/reporting them, along with people with foresight and deep pockets, maybe that will return to its past glory before becoming a parking lot
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Biniszkiewicz
A few weeks ago there was substantial discussion concerning section 8 and BMHA builidings in Allentown and how they drag the neighborhood down. The Buckingham, The Red Jacket, many others were rehabbed by money for Section 8 tenants years ago. Today these buildings drag the neighborhood down. But when they were rehabbed, Allentown wasn't healthy like today. Most were done in the 1970s and early 1980s. It was the only way to feasibly rehab the projects. It could be argued that Allentown's resurgence was kick started by all the federal money that went into these apartment buildings.
Today Allentown is healthy and we look to the day the Section 8 requirements expire. Hopefully the same will be true here, as the neighborhood gentrifies over time, kick started in part by projects like this.
Also: as to why this location? One reason is that it is very close to the subway and multiple bus routes and employment opportunities downtown and in the neighborhood.
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dude
Yea, it's close to the subway which takes people to a downtown that unfortunately is not where most of the region's best jobs are. There are few to no walkable amenities in the immediate vicinity. And getting anyone a notch above "low income" people into this building will mean that enough on-site parking will have to be made available. Behind the building there is only enough room for 15-20 cars max.
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Sal
Cash Cunningham has put a lot of money in this building already. The first floor showcase room is quite beautiful. The blocked windows are not my favorite but made with functionality and security in mind. Hopefully the new owners will take advantage of any financial options.
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