The city and Buffalo Place Inc. have submitted a formal request to the federal Department of Transportation for a $28 million Transportation Investment Generating Economic Recovery (TIGER) grant to fund a large percentage of the next “Cars Sharing Main Street” phase. That would cover a portion of Main Street between Mohawk Street to the south side of Lafayette Square and, a portion of lower Main Street that includes Canalside, beginning at Exchange Street and heading south to Perry Street.
The entire project has a $35 million price tag, with the city of Buffalo picking up the $7 million difference between the federal TIGER grant request and the next phase’s bottom line.
Federal TIGER grant awards are expected to be announced by November.
The proposed next phases of “Cars Sharing Main Street” may be among the most important to downtown’s long-term future. The stretch between Mohawk Street and Lafayette Square will cross in front of the 10 Lafayette Building, a $42 million project being undertaken by the Hamister Group that will see the vacant Tishman Building renovated into a 124-room Hilton Garden Inn hotel, Hamister’s corporate offices and 18 apartments. That project should be completed this fall.
More here from Jim Fink at Buffalo Business First.
In a deal that has been in the works since late last year, real estate investor Nick Sinatra has closed on the late 1800s former Phoenix Brewery building in Buffalo.
Sinatra, according to documents filed in the Erie County Clerk’s office, paid $1.78 million for the 50,000-square-foot Washington Street warehouse that sits near the southern edge of the Buffalo Niagara Medical Campus. The building had been owned by local antiques dealer Joseph Parlato.
Initial plans call for as many as 40 apartments to be developed inside the building. The building’s primary tenant base will be workers in the Buffalo Niagara Medical Campus as well as those employed in the central business district.
Sinatra expects to formally file plans for his development with Buffalo officials later this spring.
All told, Sinatra said he will be investing $5 million in the project and will be applying for state historic tax credits to help with the financing. The property was toured last month by representatives from the New York State Office of Parks, Recreation and Historic Preservation as a prelude to securing the tax credits.
Read more about this story and the continuing development near the Buffalo Niagara Medical Campus from Buffalo Business First and Buffalo Rising.