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TWO BUFFALO PROJECTS GET BOND FUNDS FROM ECIDA

Economic slowdown aside, at least two local developers are looking to bring new office and warehouse-distribution space to Buffalo in 1991.

Huron Court Partnership Wednesday won Erie County Industrial Development Agency approval to sell $2.87 million in bonds, the proceeds to acquire and renovate the current Church of Scientology of Buffalo building at 47 W. Huron St.

And James Zaepfel and Peter Krog, principals in Zaepfel-Krog Corp., were induced by the ECIDA board of directors to sell $2.5 million in bonds to finance the purchase and renovation of the former United Parcel Service building at 205 Dingens St. A 26,000-square-foot addition also is planned.

Huron Court in continuing to put together its investment partners, said Michael Jordan, Huron Court's general partner. Jordan is a veteran in putting together partnerships to finance downtown building renovations; he served as general partner in the Dun Building project.

Plans call for the top three floors of the 31,180-square-foot facility to be used as office space and the ground floor's 8,000 square feet to be available for a restaurant and retail tenants. Jordan said the church remains on the premises, but it plans to move once the sale goes through. Also, the New Yorker Restaurant occupies part of the first floor and Jordan said its lease, which expires early next year, is subject to renegotiation.

The timetable calls for construction to begin in the spring, with the building ready for occupancy by fall.

Projections provided to the ECIDA indicate that 25 jobs will be created in the project's first year and 60 additional jobs in the second year.

Zaepfel and Krog were approved to sell bonds for the acquisition and renovation of the former UPS facility at 205 Dingens St. The 72,900 square feet of space on site, plus a 26,000-square-foot addition, will be taken by a single tenant: J&M Distributors, which currently is located at 1014 Northampton St. J&M recently won a major contract with Genesee Brewing.

"The addition will include 10,000 square feet of office space and 15,000 square feet in cooler space," said Zaepfel-Krog spokesman Greg Zaepfel. He said the company hopes to have loading docks installed at the facility by Christmas and complete the total project by the spring.

Zaepfel-Krog projects that, within two years, the Dingens Street facility will employ 60.

Also, the Derrick Manufacturing Corp., was approved for a $1.5 million bond to construct a 45,000-square-foot addition to its current facility at 590 Duke Road in Cheektowaga.

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