A little vacant lot in the Allentown historic district that sits directly across from University at Buffalo's new medical school is becoming a magnet for offers from real estate developers.
The grassy plot at 942 Main St. – which has an overgrown community garden, a bench and a decorative stone wall that proclaims "Allentown" – is worth only $29,861, according to city property records.
But because of the uptick in developer interest surrounding the Buffalo Niagara Medical Campus and nearby neighborhoods, an owner of the 32.5-foot-by-118-foot parcel says he's received offers hovering in the $500,000 range.
Dino Scouras, the co-owner of the Towne Restaurant in Allentown, co-owns the lot with his brother and sister.
In the last two months, the siblings have received three offers for the vacant lot, said Scouras.
"I'm not surprised by the interest," said Scouras, who owns it along with his brother Paul, and sister, Eleni Konstantopoulos. "That corner is jumping out at everybody."
Scouras said the family is open to offers on the parcel, along with another vacant corner lot it owns at Park and Allen streets – which he can see kitty-corner through a window at the Towne restaurant, a 46-year neighborhood fixture at Allen and Elmwood Avenue.
"We're not sure if we'd want to build to suit, or sell the property outright," Scouras said of the 942 Main St. property. "We're open to offers."
Asked if the family would consider developing it for its own business interests, he said: "We're keeping all our options open."
For years, the corner lot has had four large, white stones to provide a unique, decorative element to the corner. The planting bed and decorative stone wall were created by University at Buffalo School of Architecture and Planning students, guided by professor Brad Wales.