Lafayette Hotel, AM&A's plans move forward
Ambitious plans to revitalize the old AM&A's department store downtown and the Lafayette Hotel took preliminary steps forward today when a city agency agreed to oversee environmental reviews in the initial study phases.
Some members of the Planning Board acknowledged that it's too soon to say whether developer Rocco R. Termini's visions for the two downtown icons will pan out. But they said the fact that he has submitted requests asking the board to serve as the lead agency to review the big-ticket proposals are hopeful signs.
"I've spent 30 years longing for someone to come along and [renovate] the Lafayette Hotel," said board member Cynthia A. Schwartz, adding that the current owners have done little work in the Washington Street structure.
As for the long-vacant AM&A's building at 377 Main St., board member Susan Curran Hoyt noted that previous developers have floated trial balloons that involved "grandiose" reuse plans. All fizzled even before they moved into the early Planning Board stages.
"We're hoping this project pans out," said Hoyt.
If Termini can secure financing, including substantial public subsidies, he hopes to convert the AM&A's building into a 117-room "national flagged hotel," banquet facility, food court, 55 upscale apartments and office space.
Termini has been less specific about what he has in mind for the 110,000-square foot Lafayette Hotel, assuming he ultimately purchases it. The historic structure situated on Lafayette Square is currently a single-room occupancy building, mostly for short-term emergency housing clients of social-services agencies or organizations.
The combined cost of both projects would likely exceed $140 million, and city planners said they realize a lot could happen to derail renovation efforts.
"But Rocco has tackled other projects that many people were skeptical about," said Schwartz. "They didn't think he was going to be able to pull them off, but he did."
Termini's development companies have transformed many old downtown buildings into upscale loft apartments and commercial space. His Signature Development Buffalo LLC is currently converting three former AM&A's warehouse buildings on Washington Street into apartments and offices.
The new proposals involving the cavernous AM&A's department store and Lafayette Hotel will likely take a long time to develop, some predicted today.
"I think we're probably going to be studying these for months, because they're big projects," said Schwartz.
Planning Board members said they're also looking forward to learning details about the projects during later phases, including the type of housing that Termini envisions.
"We're also curious about who the potential manager is for the proposed national flagship hotel," said Hoyt.
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