McGuire Development Group is planning to buy a five-acre parcel in the Lockport Industrial Park and build a 35,000-square-foot business “incubator” building for multiple tenants on Enterprise Drive, according to town officials.
The Buffalo-based real estate developer is pursuing the project on the east side of IDA Park Drive with partners R&P Oak Hill Development and Wendel Companies. Plans call for the building to include “flex” space and multiple loading docks with overhead doors, and the building is being designed so McGuire can expand it to accommodate tenants’ needs, according to an email bulletin from the Town of Lockport Department of Economic Development.
“We are working closely with the Lockport Industrial Development Agency,” said McGuire Chief Financial Officer Jeff Lehrbach. “The buildings will provide low-cost occupancy for companies in the Lockport market. McGuire Development is proud to partner with the Lockport IDA in this venture.”
Incubators offer low rent without requiring long-term leases, giving startup businesses opportunities to develop their business plans, launch operations and begin to grow. Businesses typically stay in incubators only for a short period of time, and they are constantly replaced by new businesses along the way.
McGuire, which also owns the Airport Commerce Park in Cheektowaga and similar properties, focuses on medical facilities and nonprofits. The company bought the former Sheehan Memorial Hospital in downtown Buffalo, which it is redeveloping as Compass East to include several medical and science-related components.