Two proposed redevelopment projects in downtown Buffalo are in line for $1.5 million in low-interest loans, as part of the latest allocation of funds under the Buffalo Building Reuse Project program.
The Buffalo Urban Development Corp. is recommending loans of $750,000 each be approved for Rocco Termini's Signature Development Buffalo LLC and McGuire Development Co. for projects at 68-72 Sycamore St. and 73-75 W. Huron St., respectively.
Termini, who purchased the long-vacant Sycamore properties to prevent their demolition by the prior owner, wants to redevelop the historic buildings on the eastern edge of downtown Buffalo – which were constructed in 1845 – into a mixed-use project with four apartments and one commercial space. He hopes to start construction on the $2.92 million project in August 2017 and finish by March 2018.
McGuire plans to spend $30.45 million on an adaptive reuse of the historic C.W. Miller Livery building into the Buffalo Public Hospitality School, which would train 500 high school students in hospitality fields.
The building will include a public restaurant space, a private dining room, banquet and special-event space, a bakery, food preparation and serving space, freight service elevators, and distribution space for supplies, as well as standard classrooms, lockers and a gymnasium.
The BUDC Downtown Committee recommended both projects advance to underwriting by the New York Business Development Corp., before they can be approved by the BUDC board.