LOCKPORT
Firm seeks tenants for 4 city sites
LOCKPORT — A Getzville firm has been chosen to seek out tenants for the four renovated buildings the city owns on Canal Street, Mayor Michael W. Tucker said late last week.
Waterbourne Real Estate Advisors was picked from among three companies that applied for the work.
Tucker said the company’s job is to market Canal Street and book tenants who want to lease or buy space there.
“They have a construction part of their firm that can help with the build-out for tenants,” Tucker said Friday.
Community Development Director William J. Evert said Waterbourne will have a one-year opportunity to fill the four buildings. Terms of the contract may not be settled until later this week, but Waterbourne will be paid a commission based on the rental or sale prices of the space they fill.
Tucker said there will be no retainer fee, only a percentage commission.
“They said the market is 5 percent to 7 percent on property, 10 percent on land,” the mayor said. As for the prices the city will seek from tenants, Evert said, “That’s going to be up to the realtor.”
Waterbourne Executive Vice President Anthony D’Auria, a Lockport native, said, “I’d prefer to speak about these issues after our contract is worked out.”
The city had a long-term development agreement with Rochester developer Ben Kendig, who oversaw restoration of the four 19th century stone buildings on the north bank of the Erie Canal.
However, Tucker was dissatisfied with Kendig’s pace, and the city bought him out in June for three annual payments totaling $312,000, plus forgiveness of a $600,000 loan.
Tucker said the Greater Lockport Development Corp., the city development agency which he heads, decided that a broker was needed to market the space on the street formerly known as Richmond Avenue.
Waterbourne was chosen in interviews last week conducted by Tucker, Evert, Corporation Counsel John J. Ottaviano and Alderman Patrick W. Schrader.
Tucker said he’s had unofficial inquiries about space on Canal Street from various prospective tenants, but he put them off because when they asked about price, he didn’t know what to tell them.
“The building by far that people talk about the most is the one by the Pine Street Bridge,” Tucker said, referring to 79-81 Canal St.
It’s actually two adjoining buildings, the smallest on the block, which the city got with federal money a decade ago. Nearly $3 million was spent on acquisition, partial demolition and environmental cleanup.
The four buildings total 24,685 square feet. The two largest, at 51 and 57 Canal, are three stories, and 51 Canal has an apartment on the top floor.
Harrison Radiator, now Delphi, was founded in 1910 on 57 Canal St.
