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Project name: Elk Terminal Lofts expansion
Address: 250 Perry St., Buffalo
Developer: First Amherst Development Group LLC
Cost: $3 million
Government assistance: None
Description: Conversion of remaining warehouse portion of two-building Elk Terminal Lofts complex into 25 more apartments
Completion date: August 2016
Lowdown: The expansion of the Elk Terminal Lofts apartment complex in downtown Buffalo is well underway, with 25 new apartments slated for completion by August.
First Amherst Development Group is converting the remaining warehouse portion of the two-story, two-building complex into additional residential units, adding to the 72 apartments that already exist. The developer is widely credited with pioneering the transformation of old urban warehouses into apartments, when it opened Elk Terminal in 2003, before the downtown renaissance began.
The project will add a mixture of one-bedroom and two-bedroom apartments, ranging in size from 1,000 to 1,700 square feet, with rents varying from $1,295 to $1,995 per month. About a quarter of them will be handicapped-adaptable, said First Amherst President Benjamin Obletz.
There’s also 4,000 square feet of commercial space on the first floor, now occupied by Lime Energy, which moved in last month. In all, the complex will have 200,000 square feet of total space.
Meanwhile, First Amherst is separately converting the basement area into 24,000 square feet of storage space for its own needs. The loading dock is already built, Obletz said.