A real estate partnership led by developer Nick Sinatra is planning to spend $9.4 million to buy and convert a Main Street warehouse into dozens of apartments marketed to young professionals who embrace a ride-sharing, walkable-city lifestyle.
The partners hope to begin construction in the spring on the proposed Midtown Apartments, at 1665 Main St., and finish the work by the end of next year. They have a contract to purchase the property for $1.4 million and expect to close on the deal in mid-February, Sinatra said.
Sinatra & Company Realty is partnering with members of the Nanula family and contractor Sundra Ryce on the rehabilitation of the six-story, 100,000-square-foot warehouse, on Main Street just east of Michigan Avenue. The property near Canisius College is owned by KBH Properties and operated under the Atlas Storage or American Warehouse Storage names.
The developers plan to spend $8 million building out between 50 and 60 one- and two-bedroom apartments, with rents ranging from $900 to $1,075 per month.
The units will feature wireless Internet control of utilities. Buffalo BikeShare and Buffalo CarShare are both expected to have hubs in the building, which is close to Metro Rail and just north of the Buffalo Niagara Medical Campus.
The partners are giving partial ownership stakes to two nonprofit institutions, which can plow proceeds from the project into their activities.
The beneficiaries are the Medical Campus, which will fund workforce development efforts, and Set Free Inc., a faith-based community group.
Sinatra and his partners are seeking $1.2 million from the Better Buffalo Fund and up to $2 million in historic tax credits to help finance the project. Edward Watts Jr. of Watts Architecture and Engineering is the architect.