The Wynn brothers of Toronto are spreading their real estate interests into Niagara County.
A company formed last month, called Gold Wynn Remington Lofts LLC, will take over management of the building that houses Remington Lofts and Remington Tavern on Sweeney Street in North Tonawanda, said the company's attorney, Anthony D. Mancinelli.
The company's lease allows it to buy the North Tonawanda complex in 2023.
A source with knowledge of the deal confirmed that Jeff, Les and Paul Wynn plan to do that, but Mancinelli refused to confirm it.
Mancinelli told the Niagara County Industrial Development Agency board Wednesday that there are numerous vacancies in the complex, although he wasn't sure how many.
"It's a big building. Hopefully, we can fill it," the attorney said.
The Remington Lofts originally were envisioned by Kissling as a place for young entrepreneurs to live and work in the same space.
The Wynn brothers did not respond to emails seeking comment about their plans, and a call to the company's Buffalo office was not returned.
Mancinelli told the IDA board the deal will include the eventual purchase of the complex from the Kissling Interests, which redeveloped the onetime factory into 79 residential units and three commercial spaces, including the popular restaurant.
The company will meet all of the obligations that Kissling assumed in 2007, when the NCIDA granted it a payment-in-lieu-of-taxes, or PILOT, arrangement.
Because of financing delays on the project, the 15-year PILOT on the $20 million project didn't take effect until 2011. It will run until 2026.
"There are no plans I'm aware of to change any of it," Mancinelli said. "Our people are not development people. They are property owners."
The purchase from Kissling's company, Remington Lofts on the Canal LLC, won't occur until 2023 because that's the expiration date for some historic preservation tax credits that helped fund the original redevelopment of the complex, the attorney said.
"It shouldn't affect any of the tenants," Mancinelli said.
He said the management of the restaurant will not change.
Gold Wynn has its headquarters in the former Buffalo Athletic Club building in downtown Buffalo, now called the Goldwynn Building. The Wynns also own more than 300 apartments in Buffalo, on Manhattan Place, Amherst Street and East Morris, Richmond and Delaware avenues.
They are among more than 6,000 apartment units the brothers control in the U.S., Canada and Israel. They built hotels in the Bahamas and the Dominican Republic, and own a shopping mall in Israel.
The commitments in the PILOT included a target of 125 full-time and 40 part-time jobs in the Remington complex.
"As of last report, they were very close," NCIDA Executive Director Susan C. Langdon said.