One of Michael Joseph's few remaining local commercial holdings is in the midst of a major renovation and upgrade that will soon see 10 new luxury apartments added to the building where the Buffalo Philharmonic Orchestra used to have its offices.
Joseph's Clover Management, which renovated all of the apartments he owns on Allen Street between Delaware and Franklin Streets a year ago, now is focusing on the two-story rounded-edge building that wraps around the corner of Allen and Franklin streets.
Located at 45 Allen St., the 28,037-square-foot building is home to small shops such as Mercury Salon, Patricia's Antiques, Indigo Art, Rick's Cycle Shop and Tres Jolie Maison, and also boasts indoor parking. Built on 0.41 acres of prime Allentown real estate, it dates back at least to 1925, and has looked largely the same the entire time, with its concrete facade, red brick trim and roofline architectural detailing.
Clover is currently planning to replace 33 windows in the historic building with new double-hung windows, as part of ongoing upgrades. But officials are also preparing to transform the 12,000 square feet of end space on Franklin that was occupied by the BPO for 10 years until its recent move to the Clement Mansion on Delaware Avenue.
As part of the $1.2 million project, the developer plans to create 10 "really high-end apartments, which I expect will be very desirable due to the units, location and of course the indoor parking in Allentown," Joseph said.
The apartments will all be one-bedroom, 1.5-bathroom units, ranging in size fro 825 to 1,100 square feet, priced from $1,825 to $2,400 per month, including all utilities and the parking, said Emily Brady, Clover's vice president of operations.
"The property is in a key Allentown location, steps away from all the best that Allentown has to offer," she added.
Officials hope to start work in April, with about six to eight months before it's completed, Brady said.
Founded in 1987, Clover is a real estate development and property management company that owns or manages more than 10 million square feet of property, including affordable senior housing, market-rate apartments, condominiums and commercial spaces.
The company owns commercial buildings at 300 Delaware, the Ansonia Center at 712 Main, the Delaware Franklin Building at 567 Delaware, and the Franklin Street Building at 70 Allen in Buffalo, as well as 3407 Delaware in Kenmore, the Caldwell Building at 5820 Main in Williamsville, and English Park Land at Wehrle Drive and Harris Hill Road in Clarence.
It also owns multifamily communities such as the Ansonia Center Apartments, Delaware Franklin Apartments and Camelot Court Apartments, all in Buffalo; Forest Village Apartments and Williamsville Commons in Williamsville; the Briarcliff Apartments in Depew; and the Village Pines Apartments in Orchard Park.
And it owns five local senior apartment projects - Jill Joseph Tower in Buffalo, Brighton Square and Crestmount in Tonawanda, Lancaster Commons in Lancaster and Sandra Lane in North Tonawanda - as well as in Central New York in Johnson City, Clay, Syracuse and North Syracuse.
Clover also manages more than 11,000 apartment units and condo associations in Western New York, Cleveland, Columbus, Pittsburgh, Erie and Savannah, Ga. And it owns Clover Construction, its development and construction arm that specializes in multi-family housing, small commercial developments and contract work for clients.
Although its portfolio was originally diversified, the company has largely focused its own development efforts on senior independent living, with nine such projects in Western New York and others in Rochester, Syracuse and Binghamton. But it's also largely concentrating outside the region, where it believes the opportunities are greater.