Renovation to begin on vacant ‘eyesore’
Genesee St. buildings to be refurbished within 12-15 months
The transformation of the long-vacant red brick buildings on Genesee Street into a unified commercial complex should be under way in the next 30 days.
The $12 million restoration and renovation project between Oak and Ellicott streets is expected to be complete in 12 to 15 months. The project got a boost Monday, when the Erie County Industrial Development Agency approved the tax exemptions for the building.
Gateway Genesee LLC, a consortium headed by Buffalo’s CityView development, would save approximately $315,000 in sales tax, up to $120,000 in mortgage recording tax and will be exempt from real estate tax because of its location in the Empire Zone.
The project is also supported by the Margaret L. Wendt Foundation, which has helped back several renovation projects in the city.
At the meeting, Mayor Byron W. Brown commended the project for its plan to restore the current “eyesore.” He deemed the building especially significant because “it’s the gateway to downtown Buffalo.” The building is visible by motorists exiting Route 33 onto Oak Street.
Joseph Petrella, principal at City- View Properties, said the board’s approval will keep the construction from being tripped up by paperwork.
The building will be a four-story commercial property measuring 60,000 square feet. Possible occupants include professional firms like law firms and advertising agencies. The first floor will have retail space for a restaurant or coffee shop.
The properties to the west from Oak Street and adjacent to Eddie Brady’s bar were acquired by Genesee Gateway LLC from owner Willard Genrich in the fall of 2007. Eddie Brady’s, located at 97 Genesee, will not be impacted.
In the next 30 to 45 days, Petrella said they hope to close the deal on the properties to the west of Eddie Brady’s. The plan and cost of the western properties’ development is not yet determined, but it will likely be for commercial use, he said.
For the Gateway Genesee complex, demolition of a small portion may begin as early as next week, Petrella said.
The buildings, empty for more than 25 years, were constructed between 1845 and 1915. With its aging facade, it has been a bad first impression for those who enter the city, Petrella said.
“It’s probably as good of an example of slum and blight that we have,” he said. “It’s passed by thousands of commuters each day. . . . It’s a very important streetscape to maintain. It’s historical and its very visible. It needs to be cleaned up and put back to use.”
In other action, the ECIDA board also approved property incentives for a new Leisure Living facility in the City of Tonawanda. It will save about $177,000 in sales taxes, $1.1 million in property taxes and $45,000 in mortgage recording taxes. The project has a collateral mortgage of $4.5 million.
Leisure Living, a pool and spa products distributor, needs additional space in part because of a June fire that burned down its warehouse on Niagara Street in Buffalo. The company is expected to bring money to the area since 99 percent of its sales are to customers outside of Erie County.
