Monday morning, the Erie Canal Harbor Development Corporation (ECHDC) gave approval of Sinatra & Company Real Estate for development of the South Aud Block in Buffalo.
“Buffalo’s waterfront is both an attractive tourist destination and an engine of the region’s incredible resurgence, creating jobs, and increasing economic opportunity for the region,” Gov. Cuomo previously said of the area. “From Canalside to the Buffalo River to the Outer Harbor, you can see the story of Buffalo’s turnaround from its waterfront, and the South Aud block will move that momentum forward and become the jewel in the crown of the new waterfront.”
Called “Heritage Point,” the project is a 71,000 square foot, $21 million development.
“Heritage Point will serve as a catalyst for additional investment in Canalside, and fuel further economic growth in the City of Buffalo,” ECHDC Chairman Robert Gioia said.
Plans for the area include two new mixed-use buildings, containing up to five floors each.
The buildings would be used for retail, restaurants, office space and more than 40 mixed-income residential units.
ECHDC will provide Sinatra & Company with $2 million for construction costs. The company will also receive a $2 million loan from the Better Buffalo Fund.
“The vibrancy at Canalside is palpable,” Sinatra & Company Real Estate LLC President and Founder Nick Sinatra said. “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.”