Paladino seeks a twin of Pasquale condo complex
New waterfront tower would have 48 units
Buffalo’s Ellicott Development wants to double its condominium offerings on the waterfront. Ellicott chief Carl P. Paladino confirmed his firm has developed plans for a second, 13-story, 48-unit condo tower as part of its Waterfront Place development. Paladino said the decision to double the number of units is based on demand for its first tower which will debut in October.
“We’ve pre-sold 31 of the 48 units in the Pasquale and think there’s enough demand to start planning a second tower,” Paladino said. “It will be essentially a twin to the Pasquale.”
The first tower, located in Waterfront Village, adjacent to the Erie Basin Marina, offers units with price tags running from $350,000 up to $1.1 million. They vary in size from 1,300 square feet to more than 3,000 square feet.
“We’re seeing a variety of buyers because of the price and size range. It seems to be the right formula,” Paladino said.
The developer has sold one of the $1 million-plus penthouse units and has a commitment for the remaining upper echelon residence.
Ellicott Development will hold off on submission of formal plans for the second tower until it meets with the Waterfront Village Association. A preliminary timetable would see planning continue through 2008, with a 2009 construction start if needed approvals are obtained.
“We are seeing a small but growing number of people who want to live downtown to be closer to where they work. We think that will continue to increase as the cost of gas rises and they rethink living way out in the suburbs,” Paladino added.
The second tower would add another $22 million investment to Ellicott’s existing $40 million blueprint for Pasquale and a cluster of low-rise townhouses.
Paladino also confirmed he plans to “down-size” the townhouse design to better meet the needs of prospective buyers. The redesigned units will be slightly smaller floor plans, lower roof lines and reduced price tags.
To date, four units of the phased, 15-townhouse development have been built, with prices ranging from $529,000 and $659,000. The developer wants to cut the total number of units to 14 and bring starting prices down to just under $500,000.
“The roof lines would come down about 18 feet, but the basic interior layout will be the same and the facade will be almost identical to the first group,” Paladino said. “It’s a slight variation we think will make the whole project more desireable.”
Ellicott will need to go back to the Buffalo Planning Board to tweak the project site plan and construction documents.
The first residents of the Townhouses at Waterfront Place moved in in January.
