Press Room > Press Releases
Contact: Brenda Ratliff, V.P. for Communications
212-869-5300 x568 bratliff@communityp.com
Posted: March 6th, 2008
BUFFALO, NY March 5, 2008 – Buffalo’s downtown housing renaissance received another big boost today as Mayor Byron Brown and other city officials joined with representatives from The Community Preservation Corporation (CPC) and a local developer to celebrate the transformation of a vacant warehouse building into new mixed-use development of loft-style apartments and offices.
Located in a seven-story building that was once a paper storage warehouse, The Warehouse Lofts at 210 Ellicott Street features 30 loft-style rental apartments and 8,000 square feet of commercial/office space. There are 13 one-bedroom and 17 two-bedroom loft-style apartments ranging in size from 1,110 square feet to 1,700 square feet. The apartments feature hardwood floors, high-end appliances, wood cabinetry and open floor plans. Monthly rents range from $1,295 to $1,995. Half of the apartments have been rented.
The commercial space, all located on the second floor, is rented to Student Voice, a leading assessment provider to higher education professionals. The first floor comprises the lobby and indoor parking.
The Warehouse Lofts at 210 Ellicott Street is conveniently located within walking distance of Main Street, the hub of Buffalo’s government, business, banking and entertainment district. It is also near the New York State Thruway and a 15- minute drive from the Buffalo-Niagara International Airport.
CPC, a not-for-profit mortgage lender, provided $3.25 million in construction financing and $2.75 million in permanent financing for the project. CPC’s permanent loan is insured by the State of New York Mortgage Agency (SONYMA).
The City of Buffalo Urban Renewal Agency (BURA) has provided a $2 million predevelopment loan to the project. The project also received approximately $1.5 million in Federal Historic Tax Credit Equity. The project developer, Historic Warehouse Lofts, LLC, made an equity investment of $1 million for acquisition and development for the project.
“The Warehouse Lofts is yet another example of the ongoing revitalization of downtown Buffalo. I congratulate the project developer and all of the other partners for transforming an abandoned property into a new and strikingly attractive residential and commercial development,” said Mayor Brown speaking at a ribbon-cutting ceremony held at the completed project. “I thank CPC for providing financing for this project and commend them for the tremendous work they are doing in Buffalo to provide much-needed housing for our citizens. My administration is proud to have played such a significant role in the funding of this important project,” he added.
James Rykowski, Regional Director of CPC’s Western New York office in Buffalo, stated: “We are proud to have provided the financing for this exciting and creative project. The transformation of this vacant warehouse into a mix of loft-style apartments and commercial space will add economic vitality to downtown Buffalo and continue the dynamic revitalization underway in the city”
The principals of Historic Warehouse Lofts, LLC are Charles J. Schneider, President of Schneider Design Architects, P.C.; Thomas R. Kiener, P.E., Principal of Jansen Consulting Engineers, P.C.; David W. Resetarits, President, Resetarits Construction Corporation.
Speaking on behalf of the developer, Mr. Schneider stated: “We are very pleased to be contributing to the exciting renaissance that is unfolding in downtown Buffalo. Our entire development team has worked very hard to create a handsome and well-designed project. We have been experiencing strong demand for these loft-style apartments.”
The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multi-family development throughout New York, New Jersey and Connecticut. Since its founding in 1974, CPC has invested more than $6 billion in more than 144,000 units of housing in New York and New Jersey.
Buffalo Mayor Byron Brown Joins With CPC and Local Developer to Celebrate Transformation of Vacant Warehouse into New Loft Apartments
The Warehouse Lofts at 210 Ellicott Street Features 30 Loft-Style Apartments and Commercial Space; Project Financed by $3.25 Million Construction and $2.75 million Permanent Loan Provided by CPCBUFFALO, NY March 5, 2008 – Buffalo’s downtown housing renaissance received another big boost today as Mayor Byron Brown and other city officials joined with representatives from The Community Preservation Corporation (CPC) and a local developer to celebrate the transformation of a vacant warehouse building into new mixed-use development of loft-style apartments and offices.
Located in a seven-story building that was once a paper storage warehouse, The Warehouse Lofts at 210 Ellicott Street features 30 loft-style rental apartments and 8,000 square feet of commercial/office space. There are 13 one-bedroom and 17 two-bedroom loft-style apartments ranging in size from 1,110 square feet to 1,700 square feet. The apartments feature hardwood floors, high-end appliances, wood cabinetry and open floor plans. Monthly rents range from $1,295 to $1,995. Half of the apartments have been rented.
The commercial space, all located on the second floor, is rented to Student Voice, a leading assessment provider to higher education professionals. The first floor comprises the lobby and indoor parking.
The Warehouse Lofts at 210 Ellicott Street is conveniently located within walking distance of Main Street, the hub of Buffalo’s government, business, banking and entertainment district. It is also near the New York State Thruway and a 15- minute drive from the Buffalo-Niagara International Airport.
CPC, a not-for-profit mortgage lender, provided $3.25 million in construction financing and $2.75 million in permanent financing for the project. CPC’s permanent loan is insured by the State of New York Mortgage Agency (SONYMA).
The City of Buffalo Urban Renewal Agency (BURA) has provided a $2 million predevelopment loan to the project. The project also received approximately $1.5 million in Federal Historic Tax Credit Equity. The project developer, Historic Warehouse Lofts, LLC, made an equity investment of $1 million for acquisition and development for the project.
“The Warehouse Lofts is yet another example of the ongoing revitalization of downtown Buffalo. I congratulate the project developer and all of the other partners for transforming an abandoned property into a new and strikingly attractive residential and commercial development,” said Mayor Brown speaking at a ribbon-cutting ceremony held at the completed project. “I thank CPC for providing financing for this project and commend them for the tremendous work they are doing in Buffalo to provide much-needed housing for our citizens. My administration is proud to have played such a significant role in the funding of this important project,” he added.
James Rykowski, Regional Director of CPC’s Western New York office in Buffalo, stated: “We are proud to have provided the financing for this exciting and creative project. The transformation of this vacant warehouse into a mix of loft-style apartments and commercial space will add economic vitality to downtown Buffalo and continue the dynamic revitalization underway in the city”
The principals of Historic Warehouse Lofts, LLC are Charles J. Schneider, President of Schneider Design Architects, P.C.; Thomas R. Kiener, P.E., Principal of Jansen Consulting Engineers, P.C.; David W. Resetarits, President, Resetarits Construction Corporation.
Speaking on behalf of the developer, Mr. Schneider stated: “We are very pleased to be contributing to the exciting renaissance that is unfolding in downtown Buffalo. Our entire development team has worked very hard to create a handsome and well-designed project. We have been experiencing strong demand for these loft-style apartments.”
The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multi-family development throughout New York, New Jersey and Connecticut. Since its founding in 1974, CPC has invested more than $6 billion in more than 144,000 units of housing in New York and New Jersey.
