After three days on the auction block, the Boulevard Mall has a new owner.
It seemed like all eyes were on the bidding war that went into two hours of overtime. In the end, local development company Sinatra & Co. was declared the winner with a bid of $24,050,000.
Amherst Town Supervisor Brian Kulpa was excited by this news.
“You know being a Buffalo guy you always kinda root for the home team a little bit. We’re excited, Nick’s been interested in the property for a while, he’s been continuously talking to the town,” Kulpa said.
Kulpa also said the town was cautiously optimistic that Sinatra would make a strong presence in the bidding. He calls Sinatra someone who knows the site and is familiar with the town. “He’s probably blending fundsacross the country and his investment team is broader,” said Kulpa. “Nick’s a person who teaches real estate at the University at Buffalo. He knows UB. He knows the area, so having someone locally win, that’s a bonus.”
The town is looking to transform the mall property into a vibrant, mixed-use, walkable community for residents.
President of the Amherst Chamber of Commerce, A.J. Baynes, believes several projects happening throughout the town will all fit together nicely.
“I’m hoping with Nick and his team now, that they’ll compliment the development that is taking place at Northtown Plaza, by W.S. Development, and the developments that have taken place…by the 290 over there, and I anticipate with Nick and his group, they’re going to have a forward thinking redevelopment plan for that parcel,” Baynes said.
Here are some renderings they released this afternoon:
Kulpa says he has plans to speak more in depth with Sinatra on Thursday. Between now and June the town will take the first step by drafting the zoning code.
The property on Alberta Drive where Wegmans is located additionally sold this afternoon for over $7 million. But Wegmans Buffalo consumer Affairs manager Michele Mehaffy made it clear the store will remain. “Our Alberta Drive store is one of our most successful. We are a tenant on this property with a long term lease. Regardless of what happens with the sale of the property, we will remain a tenant.”