Recent news on two downtown buildings offers cautious optimism. The Trico industrial complex and the old M. Wile plant were taken off the city's auction block after back taxes were paid on the buildings. The plants near Washington and Goodell streets are in a pivotal location near the Buffalo Niagara Medical Campus.
Stephen McGarvey, principal of the Erie, Pa.-based Signature Management Group, has teamed with Ciminelli Development Co. of Amherst on the conversion of the Trico complex to offices and apartments. Ciminelli shares a 50 percent ownership in the project.
Ciminelli is in the process of helping McGarvey redevelop the entire 800,000 square feet that comprise the project. The synergy of the partnership should energize this effort, in part because of Ciminelli's past history of success and the reassurance his company brings to lenders.
McGarvey has been plagued with health and financial problems that have resulted in long delays and short tempers at City Hall. The concerns about those delays were shared by this page. The partnership of his Signature Management Group with Ciminelli leads to cautious optimism that the upscale office space and luxury apartments envisioned at the site may yet become a reality.