Red Hot Properties on the Market
Two more pieces of the critically important 500 block of Main Street are on the market. Hunt Commercial Real Estate has justed listed 5-7 Genesee Street and 505 Main Street. Redevelopment of the under-utilized block in the heart of downtown is long overdue. The listings are an opening for smaller investors to buy into downtown.
5-7 Genesee Street fronts Roosevelt Plaza between the Hyatt and Electric Tower. Texas Red Hots occupies the ground floors of the two, three-story buildings. Upper floors, their windows long-blocked, are not connected. The buildings total 6,920 sq.ft. and are listed at $199,500.
Hunt’s David Doerr also is listing the Spa Lofts building next door. “9 Genesee continues to have a lot of activity but no solid offers yet,” says Doerr. If combined, the three properties are 10,000 sq.ft. of redevelopment opportunity.
Around the corner, Hunt’s Chris Malachowski has the listing for 505 Main Street. J.P. Fashions occupies the 3,820 sq.ft., one-story building. It was one of the properties targeted for the Century City Loft development. That promising project unraveled in January due to a poor market for historic preservation tax credits.
Get Connected: David Doerr, 716.880.1903; Chris Malachowski, 716.880.1914
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Comment Options
CRobs
It certainly would be nice to see this block of Main Street and it's surroundings functional. Hopefully once the street is re-opened to traffic, things will come alive. Obviously there are a lot of variables here, but again, it would be nice. Could just be a prayer at this point though...
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Downtownjunkie
If Genesee St was reconnected this would be a prime piece of real estate
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sbrof
this is actually good news I think. Have the owners come to the table with the rest of the block to discuss a cooperative development strategy which was proposed over a year ago. None of these building owners can go it alone with the amount of work bringing the buildings up to code that would be required but pooling the structures together allows gives them a better and cheaper way to redevelop everything at once. Work with, not against economies of scale and figure out a way for utilities and services like ADA accessibility, or a sprinkler system to service all the buildings at once. So instead of 10 elevators and sprinkler systems you can have one. Makes redevelopment that much cheaper. Just need a good architect to make it work.
It would take some work and trust by all parties but last I knew, which was quite some time ago, there were already a majority of the owners on board for such a plan. Adding in a couple buildings would provide even more room for redevelopment at a modest increase in cost when comparing the rest of the block.
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buffgayguy
what dismal/depressing pictures. They speak a 1000 words of the state Buffalo is in.
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urbansoul
Iskalo had also been looking to purchase the 500 block, when Rocco had gained control. IT as reported that they were looking to put up a mized use high rise. I would have thought that when Rocco's plans failed, they would have looked again. Hmmmmmmmm. It was reported to be a 15-20 floor tower:
http://www.bizjournals.com/buffalo/stories/2007/09/24/daily40.html
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urbansoul
Iskalo had also been looking to purchase the 500 block, when Rocco had gained control. IT as reported that they were looking to put up a mized use high rise. I would have thought that when Rocco's plans failed, they would have looked again. Hmmmmmmmm. It was reported to be a 15-20 floor tower:
http://www.bizjournals.com/buffalo/stories/2007/09/24/daily40.html
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Texpat10
There is not a single tree, flower or blade of grass in those pictures. Unbroken concrete makes for a really uninviting space. This corner could be a great little triangle park where people could relax and eat lunch. Instead it looks like this and now we are going to throw cars into the mix.
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gaustad
Having a Texas Red Hots with a Sahlen's sign above it in the heart of downtown Buffalo is smooth.
Ex-Pats who are often more educated and successful come home for a visit in the summer. They walk down Main St. to Thursday in the Square for a few beers.......realize NOTHING has changed in over 30 yrs, then they go back to their respective cities and say they are glad they never moved home.
Main St is the most vital part of Buffalo's revitalization. It should be top priority,. Anyone that visits Buffalo is turned away by it.
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Biniszkiewicz
I, for one, kind of hope this block does not get developed by a single developer.
I think Iskalo's tower idea is off the table at the moment given the current economic outlook.
Termini wanted to make this block a preservation district. Iskalo wanted to demo it. I like the preservation idea better (save for that single story building in the post). I like this as a residential block.
A good developer (Obletz, say), might do an outstanding job on the whole block, but funding wasn't there for Termini before the economic clouds darkened. For any single developer to do the block is a major undertaking, dependent upon sunny revenue projections and trusting bankers.
Instead, if the individual buildings are rehabbed by individuals who want to live there or work here, this could be an almost European looking block. If the old shells are gutted and rehabbed by a dozen different owners with different ideas about what to do with their own little corner of the earth, the result might be less sterile and cookie cutter than if one developer does the whole project. Moreover, conventional funding for a bunch of small projects by a variety of owners might be more achievable right now than large project funding.
To any out there who covet downtown living: This is an affordable block. Ten years from now it may not be. Buy a little piece of downtown on this block and build out your dream condo. Others will follow.
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TownLine
Anyone have a photo of what the original facade of the Red Hots building looks like? Might it still be intact underneath?
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TownLine
Biniszkiewicz - SHHHHHHHHHHH!!! Don't give everyone the idea before I get my money put together.
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allfit
Don't worry Townline, you have plenty of time....
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GDC
These photos make downtown look so GHETTO! No wonder people still poke fun of Buffalo and many people in the burbs say "They Don't DO Downtown", why should they, still no places to shop, and many of the buildings still like the ones in these photos and I only see ONE person (bottom photo) who looks like he's in a hurry to leave town.
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WCPerspective
Don't focus on the pictures, but on the potential-
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GDC
And if and when someone does do anything with these buildings, how many years do we wait to see first floor retail. Now, you know that if someone did buy all these buildings, the few businesses left would be kicked out (offered money) and then when the project is completed we'll be left with an entire block with NO First floor activitiy. But, hey at least people will be able to live on the upper floors if turned into living spaces, right?
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sbrof
If people were to buy the buildings and renovate them as work live places then I think that is by far a better option... but such a process hasn't happened in the past 20 years with all individual owners to the point that these structures are basically one step away from demolition. getting investment into them is important to saving them and if that means we need to combine them into a single larger project to make use of shared services, so be it. IMO
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urbanboarder
This area could be the next new pocket of redevelopment downtown. Standing at Main & W. Huron there is quite a bit of activity in all directions. You have the financial centers for BoA and M&T, as well as the recent Electric Tower, where the New Years celebration also takes part. On the same block in question, Iskalo is also trying to market the old restaurant space that most recently was Howard's Shoes. This is also close to the Genesee Gateway, and if streetscape improvement prevail, could turn into a real nice area to live, work and play. NTM, the Gresvers (sp?) building right next to these buildings is amazing!
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jen
Does Buffalo have some sort of Facade Improvement Loan Program? Savannah did, and it was a way to get building owners to tear off the crappy facades of their buildings to restore them to the more interesting and original structures underneath (looking at the Texas Red Hots here).
http://sdra.net/content.asp?ArticleID=21
Main Street could look like Broughton Street: http://www.whereisbasil.com/images/savannah_downtown_1.jpg
I know there has been the argument posted on here before, that business owners "do not like trees because they block signage" but other retailers tolerate them in other cities (even national retailers, there is a Banana Republic and Gap on Broughton) so I think if there could be an argument that with beautification comes people and foot traffic. I would hope that business owners would see the direct benefit to them.
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urbansoul
This block could be amazing. Forget "tough economic times." If it weren't possible....then Ellicott and Uniland wouldn't be developing the waterfront and Avant buildings. The market is there and had been untapped for a long, long time. If Iskalo did indeed take a "mixed use" approach, similar to Avant, it is ENTIRELY possible. What we do NOT want is to keep a SINGLE story building on Main Street. ROFL
Also, yes the block does look embarassing right now. However, I think once this once block gets redeveloped it was entirely change the face of Main Street. Regardless of what people say................. .................there has been a lot that has changed in the last 30 years. For example, Key Towers, M&T Plaza, TGI Fridays and hotel, City Center, etc.
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PaulBuffalo
Jen, I was the one who commented that national retailers aren't fond of trees blocking signage. This area has no chance of attracting any national retailer except, perhaps, a Family Dollar store or equivalent.
I agree with you: this area should plant trees and focus on local businesses. Create a pleasing environment for the people already there. This is what creates density and larger business opportunities in the long-term.
Savannah, to me one of the most beautiful cities in the US, is also one of the few great walking cities and already has a downtown density that Buffalo does not. It's a good model from which Buffalo can take lessons.
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urbanboarder
Great links Jen! I still don't understand why people think retail is viable downtown at this point? We need density, and scale before there will be enough demand to supply retail. Being in Toronto for the past two days on Queen Street West, I realized that there is not one simple solution, but it is the collaboration of different players that is really needed to make things work. Thats where planning comes in, and unfortunately planners here lack any power what-so-ever. All too often, we let politicians and engineers decide whats best, when that is not even their job or what they're best at...
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GDC
I think we can get national retailers here is we PROMOTED downtown to them. Right now, nobody is marketing downtown to retailers. And of course your not going to get just one store to take the first leap without a deal. You need to get a handfull at once in one area to start. The 500 block of Main Street could be the block to start. Fix it all up and MARKET it to National Retailers while in the planning stages to see just how much space one needs, or style they like and JUST DO IT!!!!
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Andrew
this is a sad stretch of DT, not to mention the vacant, ugly old burger king to the right of the Benson travel building. One day it will be...
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KenS
urbansoul..yes you have added many buildings, but at the same time, restaurants like McDonald's, Burger King, John & Marys, Ruby's(I think that was the name of the restaurant) and maybe even an Arby's have all closed up shop in the last 10 years or so(all in this general vicinity).
I agree this block is depressing and bringing significant retail back to downtown and main St. seems so far away when walking by this block.
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wudenbachs
Quit Complaining and DO something! Look at the Western New York Book Arts Collaborative at Washington & Mohawk. http://www.buffalorising.com/story/western_new_york_book_arts_cen This is not an elitist high end loft money grab, it is a genuine investment in the quality of life for downtown Buffalo. Density doesn't happen overnight. Support the existing and burgeoning business downtown so they can establish a foothold. Go to a movie at Market Arcade. I took my kids there to see Wall-E this week. We were the only people in the theatre. This is a great resource that we cant affort to have close. Hats off to Dipson for being there. Support it! NOW!
The hundreds of people who visited Buffalo for TypeCon were mostly confused about how abandoned downtown was at night http://www.buffalorising.com/story/typecon_week_in_buffalo_is_now but blown away at the affordable cost of buildings and remaining historical structures that have huge potential. In the amount of time it takes to whine about how Buffalo is not Toronto, go and join a cultural organization or buy a local artists work with the cost of a tank of gas to get to Toronto. This is our town. Support it. We have potential. It is happening. City View Properties taking over the long neglected block of Genesee will be amazing. Look what they did with the Larkin Building!
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urbanboarder
I think Canal Side is the place we are going to see National tenants is Downtown is lucky enough to get them at all. H&M would be great, still suprised we do not boast one yet at any of our regional malls. Walden Gallleria is far outpacing Carousel Center in terms of diversity in shopping IMO, and Carousel has H&M as an anchor tenant, although the selection is more of a department store mix rather than urban professional found in larger cities. I think people need to stop worrying about Elmwood, and create an additional district to revitalize. This is it!
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urbanboarder
I couldn't agree with you more wudenbachs, however I was not whining about how Buffalo is not Toronto, yet using it as an example and a good model to follow. Following precedent and traveling to study cities that are functioning and using them uniquely for Buffalo was my point above. Buffalo has huge potential, however not so many people that live in this region believe in the region the way you or I or the minority of the people who really love the place we live do. That is unfortunate, and its more harmful than we can really perceive. It is also unfortunate that we cannot offer even a mere fraction of what other cities can offer, and that is due mainly to forces that are out of our hands - Albany! We have the foundation for a great city, we just have a lack in leadership and other structural social problems that are not allowing us to reach our full potential.
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wudenbachs
My comments were not directed at anyone specifically just recurring themes about the apparently hopeless situation that keep arising. The situation is admittedly difficult and an uphill battle, but all things worth doing take effort. Time to act is now. If Buffalo dies the suburbs of Buffalo die. With Global warming, Buffalo may become one of the most desirable places to live. Fresh Water...no major recurring natural disasters. We just need politicians who can have some positive impact rather than just self-preservation and photo-ops.
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urbanboarder
I agree with you 100%. I also believe it is important to use examples of who did it right and/or study areas that have put forth plans that have been well implemented. Stuff simply does not happen without a plan in place. Madison, WI, Portland, OR, Toronto, ON are just three examples of communities that really are doing things right, and I think that we can learn an abundance from them.
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ExWNYer
My guess is that the building Texas Red Hots occupies probably has a cool brick facade underneath the crap that we see in that photo.
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PaulBuffalo
GDC, I don't understand your penchant for national retail. Local retail is the key to downtown Buffalo for now and that's a good thing. There is a misconception that Buffalo has to market itself in order to attract national retailers. It doesn't work that way and Buffalo it not invisible to any national retailer. Retailers have in-house departments that perform nationwide demographic studies regularly and if they see profit possibilities they will seek out any opportunity. Buffalo is a poor city, it's lost half of its population and has no foot traffic density downtown. Address those three issues significantly and national retailers will arrive. It really is that simple.
To Urbanboarder's comment about H&M, I think they will probably locate at Galleria mall in the future because the price point is a natural fit for Buffalo's demographic and the Galleria's foot traffic is good.
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BuffaloRocks
The cooperative development strategy fell apart for one single reason: current owners weren't going to get squat from the arrangement. If you've shelled out $$ for your building, your return needs to be more than squat.
I've lived in downtown Buffalo for four years. I get depressed every time I walk between my pad and the library. But then I remember that the developers of City Centre condos went bankrupt at one point -- though the building is flourishing now -- and I wouldn't be living in my current cool pad if Rocco Termini hadn't had the guts and tenacity to build it. Soooo....while Buffalo's downtown revitalization is moving MUCH slower than it should be, every year I've seen improvement. That gives me hope.
But why is everyone waiting for developers to fix Main Street? (Some of them don't do a very good job -- see a recent post about one new eyesore, if you don't know what I'm talking about.)
The best thing that could happen to the 500 block is for lots of locals to start investing in it. Buy buildings from the owners just sitting on them. Turn them into storefronts and personal apartments. LIVE downtown. My significant other believes in Buffalo so much that he's bought into the 500 block. And he has big plans for turning his pretty building into something awesome. Unfortunately, we're not rich, so we have to take baby steps.
What's sad is that city leaders don't make downtown revitalization a priority. How can they not get that Main Street is Buffalo's showplace? That every tourist who walks it leaves Buffalo thinking negative thoughts? Mayor Brown needs to open his eyes and make downtown's comeback his legacy.
But I have to say I get pretty mad at Buffalo deep-pockets like the Rich's, too. Instead of spending all their time trying to get a BassPro here, why don't they help to fund low-interest loans and other incentives to locals interested in making a difference on the 500 block? Why don't Main Street banks do the same?
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BuffaloRocks
Oh, and there are lots of trees in that park in front of Red Hots. They're just the WRONG kind of trees. Their purple leaves make the park dark and uninviting. They should be replaced with green-leafed trees. And the park needs updated metal furniture and game (chess/checkers) tables, and funky bike racks that weather well. Just think how pretty the trees would be strung with tiny white lights!
The park has lots of other issues that need to be fixed, too, to turn it into an oasis.
Trash pick up, for one. Buffalo Place needs to find a better way for retailers like Red Hots to put their trash out for pickup. Why doesn't Buffalo Place provide attractive wooden enclosures that hide the trash bags -- so everyone doesn't have to look at the bags when they walk by? I HATE THAT THE RED HOT BAGS ARE OUT THERE AT LUNCH TIME!! Who wants to eat in a park with trash bags???!!!!
Another issue to address is that the park is primarily used by homeless persons -- because they feel comfortable there.
And why are cars and school buses allowed to park up over the curb AND in front of the storefronts? Talk about U-G-L-Y!!!! They need to go find a parking space like everyone else.
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tudorguy
This area COULD, if done right, look like the new Ellicott Street stretch - which (in my humble opinion) looks GREAT. I wish all of us who throw around ideas (and I include me) could pool our money together to do something that we all want to see.
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Colin
It sees like this kind of discussion happens all the time on BRO. Someone points out an area that isn't performing up to potential, people express their frustration, and then we cross our fingers that some developer will take the plunge and do something.
What can we do about it? We can't alter the economic climate, and we can't force a developer to jump in. We don't have that kind of influence. But as citizens, we do have some influence over politicians and public policy. So what changes can be made in those arenas that would help turn around places like the 500 block?
And finally, are there any groups actively pushing for those changes? PUSH and other groups do great work advocating for the west side, and we're starting to see results. Is there any similar citizen group pushing for downtown?
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GDF81
I think this has been a constant conversation amongst urban planners for 15-20 years.. main st main st main st.. but what has really changed .. no driving on the street (critical for development), there is no major retail.. its rather scary walking down town on main.. esp when the 9-5 shift is over - nothing has changed except the ideas for what to do with it... maybe in my lifetime I will see a beautiful main st in this city.
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gaustad
Main St is the reason why Buffalo is still a pile of sh!t.
you must start redevelopment at the core and work your way out, not the reverse
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orlanmon
Open up Main St. once again to auto and rail and watch it thrive once more; just the prospect of Main St. opening up again will be enough to spur business development. Strange that up until the 1940's trolleys and autos shared Main St. but then they opted to close it almost entirely to automobile traffic with this new Rapid Transit system. Trollies cruisiing down Main St. in the summertime would be a huge draw to downtown. Buffalo is a beautiful city on the move and in a wonderful location but with many issues to resolve and contend with; none of which I feel are insurmountable.
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sbrof
orlanmon.. Cars wont revitalize Main Street. They haven't done anything for most of the streets around it. Why do you think anything would be different on Main. Ever walk down, Elm, Oak, Washington, Ellicott, Pearl, S Elmwood..?
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