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Major investment will redevelop Manufacturers Hanover building in Olean

The former Manny Hanny Bank and Siegel’s Shoe Store will become 21 apartments, about 8,000 square feet of office space, and 5,000 square feet of retail space.
Credit: The Cattaraugus County IDA

OLEAN, N.Y. — A historic Olean building is getting a makeover with an investment of nearly $12 million from an affiliate of Buffalo-based Savarino Companies. 

The Manufacturers Hanover building at 101 & 107 N. Union Street will be redeveloped into a mixed-use complex with apartments, offices and business space.

Credit: The Cattaraugus County IDA

Savarino Companies affiliate Manny Hanny Development, LLC. will turn the former Manny Hanny Bank and Siegel’s Shoe Store into 21 market rate apartments, about 8,000 square feet of office space, and 5,000 square feet of retail space. 

The project will receive approximately $400,000 in tax incentives over 10 years through the Cattaraugus County Industrial Development Agency for the rehabilitation and adaptive reuse of the large, historic space.