[CPEO-BIF] Ex-Trico site, Buffalo, New York

[Lenny Siegel <lsiegel@cpeo.org>]

Plan to sell, redevelop ex-Trico site nearly done

by James Fink
Buffalo Business First (NY)
February 25, 2014

After years of eyeballing a former Trico building the Krog Corp. is  
well on its way to officially acquiring Washington Street landmark  
near the Buffalo Niagara Medical Campus.

In one of the final steps to complete the transaction, the Buffalo  
Brownfield Restoration Corp. - an affiliate of the Buffalo Urban  
Development Corp. - has agreed to sell seven-story, 617,000-square- 
foot, century-old building that sits at the corner of Washington and  
Goodell streets. The brownfield corporation’s directors unanimously  
agreed to sell the building to Krog Corp. for $45,000. Long vacant,  
one pre-sale appraisal said the building had “negative” value while  
another assessed it $125,000.

Krog, for more than one year, has been working on a mixed-use plan  
for the building. The Orchard Park developer, working in conjunction  
with Hart Hotels Inc., plans on investing at least $50 million to  
turn the structure into a building anchored by 230 hotel rooms spread  
among two different hotels. One portion would be geared for extended- 
stay visitors and the other an upscale boutique-style hotel.  
Apartments and commercial space are also proposed.

...

For the entire article, see
http://www.bizjournals.com/buffalo/news/2014/02/25/plan-to-sell- 
redevelop-trico.html

--

Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org

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