BUFFALO, N.Y. -- One of the first significant rehab projects is underway on Buffalo's East Side in the Hamlin Park Historic District.

The former Otis Bed Company building, which made and sold mattresses in the late 1900s, is being transformed into 34 market rate apartments.

“Unfortunately it has been underutilized, and we saw this as a real good opportunity,” Jason Wilson said.

Business partners Jason Wilson and Jason Yots with Common Bond Real Estate, and Karl Frizlen, co-developer and architect, say the apartments will have an industrial feel with large daylight factory windows, exposed support beams, high ceilings, and refinished hardwood floors.

The one and two bedroom units will range from 700 square feet to 1,000 square feet in size on the first and second floor, with rents ranging from $850 to $1100 per month.

The team believes there’s opportunity at the project’s location near Hamlin Park, that's in the center of the city, close to Canisius College, and a transit corridor. Wilson says they hope to attract medical campus students.

“As the rest of the city becomes a little more crowded, and the opportunities become less, we hope that other developers will come over and joins us, and start to do some of these reuse projects,” Jason Yots said.

Construction work will start this summer. The project is slated to be complete in fall 2017.