BUFFALO, N.Y. — The board of directors of the Erie Canal Harbor Development Corporation has approved Sinatra and Company Real Estate as the preferred developer of the remaining portions of the so-called South Aud Block at Canalside.
The company proposes two mixed-use buildings, up to five stories in height, which will contain restaurants and retail on the ground floors and offices and apartments on the floors above.
The apartments, totaling 41, are described in the proposal approved today as a mix of market-rate and affordable units.
The $21 million development, which the company is calling “Heritage Point,” will rise on two plots of land, totaling just under a half acre in size near the corner of Main Street and Marine Drive, just east of the yet-to-be-completed Explore and More Children’s Museum.
Subject to further approvals, the ECHDC expects the projects to be completed in May 2020.
Sinatra will acquire the land, appraised at $1.14 million, for one dollar. With ECHDC contributing $2 million in property improvements, the company is receiving initial incentives of more than $3 million.
The developer, according to ECHDC is expected to pay full property taxes, but is not prohibited from seeking any available tax abatements or other economic incentives.
Sinatra was chosen as the preferred developer over two other firms who submitted proposals, Douglas Development and Savarino Companies.
You can view renderings and site plans in the document below: