BUFFALO, N.Y. — A project at Canalside which has been beset with numerous delays and cost overruns is showing signs of progress, noticeable in recent weeks to visitors and passing motorists on the Skyway.
Heritage Point will be a mixed-use complex of 61 apartments, along with office, retail, and restaurant spaces when it is completed by its latest target date which is late summer of 2024.
It's located on a parcel called the South-Aud block and nestled near the Explore and More Children's Museum and the Ice at Canalside.
Looking Up
"We have the eastern stair tower and elevator tower and then we have the western tower going up right now," noted Matt Connors, Vice President for Development at Sinatra & Co. Real Estate which was chosen five years ago as the developer of the project which will feature 61 apartments.
It was initially supposed to be finished in 2020.
"Basically there were a lot of factors that came into this," said Connors.
When excavation of the site began, it was learned that the water table was higher than thought, and contaminants were discovered in the ground which had to be removed.
"We lost significant time trying to figure that out," Connors said.
Then came the Covid-19 pandemic which shut down construction sites, followed by a shortage of building materials, and work crews which became backed up on other projects.
In the meantime, there's been rampant inflation at play since early 2021.
"The pricing has become insane," Connors said.
So much so, that the project's price tag has ballooned from $21 million to $35 million.
"Luckily the exterior of the building hasn't changed all that much but we had to kind of create some cost-effective measures that will still deliver a beautiful product but it's been difficult with the way pricing is these days," said Connors. "We've been able to overcome so much with this project and we still remain committed when you've seen a lot of projects halted with increased pricing and the lack of lending power. So I think we are a good example of making something happen."
Looking Forward
The latest hope is to have the project finally finished by the end of next summer, during which time construction on a new neighborhood on the North-Aud block is supposed to be in full swing, followed by the scheduled demolition and replacement of the massive Marine Drive Apartments nearby.
This means that the areas around Canalside and Heritage Point will essentially be a construction zone for the next five years or longer.
However, Connors does not believe this will dissuade potential downtown denizens from moving into apartments that will command rents of between $1,500 and $2,800 per month.
"I think people are just excited to see activity in the area, so it will only perpetuate their feelings that they are excited to be at Canalside," he said.