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Governor Hochul Announces Completion of $12.5 Million First National Bank Project in Olean as Part of Downtown Revitalization Initiative

Project Brings Historic Buildings in Downtown Back to Life with Commercial and Residential Spaces

Photos of Completed Project Available Here; Before Photos Available Here

Governor Kathy Hochul today announced the completion of the $12.5 million restoration and redevelopment of the 1915 First National Bank building and adjacent former Siegel's Shoe Store building in downtown Olean as part of the Downtown Revitalization Initiative. The seven story First National building now houses 21 apartments, with commercial, event and art spaces occupying the former bank floor and mezzanine. The two-story former Siegel's Shoe Store building was renovated into class-A office space. New York State, in collaboration with Savarino Companies and local government partners is bringing this historic building located in the heart of Olean back to life. Photos of the completed project are available here, and before photos are available here.

"The ribbon cutting for the First National project marks a long-awaited milestone in the redevelopment of Olean's Central Business District," Governor Hochul said. "This historically significant, mixed-use building, which was vacant for nearly 30 years before we tackled its restoration, brings a vibrancy to Olean that will contribute to the city's goals for a walkable, thriving downtown."

New York State Secretary of State Robert J. Rodriguez said, "Growth in the City of Olean is well underway, as key projects through the Downtown Revitalization Initiative continue to strengthen the sense of community and improve quality of life for residents, while also attracting new businesses that are spurring economic development. The completion of the First National Bank project puts the City of Olean one step closer to achieving its vision of creating a vibrant downtown community brimming with opportunities for residents and visitors to work, learn and thrive."

The Gallery at Olean is First National's largest and most visible tenant. The first new tenant was Casa-Trinity, which provides peer-based counseling and recovery services for those suffering from alcohol and substance addictions. The building's remaining storefront commercial spaces are completed and move-in ready for other tenants who may take advantage of the visible street front space.

Read the full press release here.