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Ciminelli puts three Elmwood properties up for sale

Ciminelli Real Estate Corp. is re-listing three multifamily apartment houses on Potomac and Ashland avenues, after officials decided they would not be a core part of the developer's planned Arbor + Reverie project along Elmwood Avenue.

Ciminelli said the properties - 584 and 588 Potomac and 721 Ashland - will be put back on the market this weekend through Red Door Real Estate WNY, based in the Elmwood Village. Anne Duggan, a Ciminelli spokeswoman, said the woman-owned brokerage seeks "financially qualified buyers with a reputation for quality management of their properties."

The developer purchased the three houses and eight other properties from Donald and Lori Leone, with plans for a $40 million project that would include two five-story buildings, 97 residential units, eight retail spaces and 150 parking spaces.

Ciminelli intended to demolish the homes, but reversed course amid opposition to the project. Instead, it was going to renovate them as stand-alone multi-family homes.

Duggan said company officials are "still evaluating multiple options," but found the houses wouldn't play a role in any of them.

The three-story building at 584 Potomac has six units, including two studios, while 588 Potomac is a three-story building with three units and 721 Ashland has eight units on three floors.

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