ECHDC Announces Sinatra & Company as Developer for South Aud Block

Sinatra’s $21 million project plans two mixed-use buildings with historic streets and evocation of the Prime Slip

August 20, 2018

See site plan and renderings here

The Erie Canal Harbor Development Corporation (ECHDC) Board of Directors met today and designated a developer to undertake the South Aud Block redevelopment in Buffalo.  Sinatra & Company Real Estate LLC will invest $21 million to build Heritage Point, two mixed-use buildings consisting of ground-floor retail and restaurants with Class “A” office space and residential units on the upper floors.  The Prime Slip and sections of the historic Canal Street and Lloyd Street will also be completed by the developer.   The South Aud Block redevelopment will open by May 2020.

“Sinatra & Company’s planned buildings will further activate the site and diversify the neighborhood offerings, attractions and opportunities at Canalside, while retaining historic touches,” said ECHDC Chairman Robert Gioia.  “Heritage Point will serve as a catalyst for additional investment in Canalside and fuel further economic growth in the City of Buffalo.”

“The vibrancy at Canalside is palpable,” said Sinatra & Company Real Estate LLC President and Founder Nick Sinatra.  “The leadership at Erie Canal Harbor Development Corporation has been instrumental in creating a vibrant destination to date, and we feel incredibly excited to make our mark to Canalside with the integration of additional hospitality, office and now residential options.”

With more than 71,000 gross square feet of space, the mixed-use buildings include up to five floors with an active ground-floor plan that includes several restaurants.  The remaining floors include a total of 41 mixed-income residential units.  The Prime Slip will be evoked through a pedestrian pathway over its former alignment, where it historically linked the Erie Canal with Lake Erie.  The pathway will allow visitors to explore the area while simultaneously educating the public on the significance of the Prime Slip.  The developer will also activate the towpath, sidewalks and Prime Slip with outdoor seating.  The primarily vacant parcels are part of a former superblock that once contained War Memorial Auditorium, a sports and events arena that was demolished by ECHDC in 2009. 

Sinatra & Company Real Estate will receive $2 million from ECHDC for capital construction costs related to the Prime Slip and sections of Lloyd Street and Canal Street rights-of-way and canal lighting.  Sinatra will also receive a $2 million loan from the Better Buffalo Fund (BBF).  A key initiative of Governor Cuomo’s revitalization efforts in Western New York, the Better Buffalo Fund aims to create vibrant, mixed-use, high-density neighborhoods, while improving access to the major employment hubs by creating stronger transit and transportation linkages between neighborhoods, employment centers, job training and services.

Sinatra & Company Real Estate is a land development and real estate firm founded in Buffalo in 2009 and led by Nick Sinatra.  The company initially invested in the multi-family sector and then diversified into retail, office and mixed-use properties.  Today, the firm is comprised of 70 professionals working on over $425 million in real estate assets and services, including development, reuse, professional brokerage, advisory and property management.  Recent development projects include 945 Kenmore, a ground-up, mixed-use project that employed Brownfield cleanup methods and the Phoenix Brewery Apartments, an adaptive reuse historic project on the Buffalo Niagara Medical Campus.  Nearing completion is Mid-City Apartments, a workforce housing project.  Sinatra & Company is also working on the adaptive reuse of the former Women’s & Children’s Hospital of Buffalo with partner Ellicott Development.

About Erie Canal Harbor Development Corporation
The ECHDC is governed by a nine-member board consisting of seven voting directors and two non-voting, ex-officio directors. The seven voting directors are recommended by the New York State Governor and are appointed by the New York State Urban Development Corporation d/b/a Empire State Development as sole shareholder of ECHDC. The two nonvoting, ex-officio director positions are held by the Erie County Executive and the City of Buffalo Mayor.

As a subsidiary of Empire State Development, the state’s chief economic development agency, the Erie Canal Harbor Development Corporation supports and promotes the creation of infrastructure and public activities at Canalside, the Ohio Street corridor and the Outer Harbor that is attracting critical mass, private investment and enhance the enjoyment of the waterfront for residents and tourists in Western New York. Its vision is to revitalize Western New York’s waterfront and restore economic growth to Buffalo based on the region’s legacy of pride, urban significance and natural beauty. For more information on ECHDC, visit www.eriecanalharbor.com.

 

 

Contact:
Pamm Lent | pamm.lent@esd.ny.gov | 716-846-8309 | (800) 260-7313
Laura Magee | laura.magee@esd.ny.gov | 716-846-8239 | (800) 260-7313