THE ERIE COUNTY INDUSTRIAL AGENCY TODAY APPROVED TAX BREAKS FOR THE $21 MILLION CONVERSION OF THE FORMER SHEEHAN HOSPITAL TO A MIXED USEby chocieni
FOR IMMEDIATE RELEASE
July 15, 2013
Sharon Linstedt TraversCollins (716) 464-4723
THE ERIE COUNTY INDUSTRIAL AGENCY TODAY APPROVED TAX BREAKS FOR THE $21 MILLION CONVERSION OF THE FORMER SHEEHAN HOSPITAL TO A MIXED USE
Buffalo, NY - The Erie County Industrial Development Agency today approved nearly $757,000 in tax abatements to aid the conversion of the former Sheehan Hospital, at 425 Michigan Street in downtown Buffalo, to a mixed-use development anchored by a Time Warner Cable call center.
425 Michigan Avenue, LLC, controlled by Buffalo's McGuire Development Company, plans to convert the near-empty medical facility, now known as Compass East, to a mix of commercial, medical and residential space.
Time Warner is expected to occupy 47,000-square-feet of the 137,000-square-foot building. The cable television company announced last month that it will locate a call center at the Michigan Street site, creating as many as 150 new local jobs, in addition to consolidating jobs from outside the Buffalo area to the city.
University Pediatric Dentistry, P.C., a current tenant of the site, will continue to lease the approximately 4,500-square-foot dental clinic it has operated since 2010. In addition to providing dental care, the clinic also serves as a training facility for dental hygienist and dental assistant programs.
The McGuire Group, a sister company to the site's owner, will locate its nurse training program in 10,000-square-feet of space at the site. That training facility is currently housed at 560 Delaware Ave., in Buffalo.
Plans also call for development of 6,000-square-feet of residential space, with a remaining 69,000 square feet set aside for as-yet unspecified uses.
The project is intended to improve the quality of life in the East Side neighborhood by converting the outdated eyesore into an innovative, community-centered business, training and residential facility.
The ECIDA board also approved $241,500 in tax abatements for Frey the Wheelman, Inc., a 106-year-old Buffalo-based automotive business, which is relocating from downtown to 380 Dick Road, in Cheektowaga.
The company, which also operates locations in Rochester, Syracuse, Elmira and Watertown, has been located at 41 East Tupper Street for the past 75 years, a site which now abuts the fast-growing Buffalo Niagara Medical Center.
The Dick Road location is expected to be a better aesthetic fit, while providing the business, which focuses on braking, exhaust and axle system, as well as other heavy-duty parts, room to grow. Frey, which currently employs 9 people at the downtown site, plans to hire three more full-time personnel over the next two years.
In other action, the ECIDA board selected Paragon Advertising, of Buffalo, oversee a rebranding effort. The agency is considering a slate of changes, including a new name, new logo and re-imaging campaign. The decision to rebrand comes as the ECIDA prepares to relocate to Perry St. early this fall.
The ECIDA and its co-tenant, the Buffalo Urban Development Corporation, are moving into the site that currently is home to the Western New York office of the Empire State Development Corporation and the Erie Canal Harbor Development Corporation to create a 'one-stop' development center. Paragon's bid for the work was $23,000, slightly under the agency's $25,000 bid cap.
The board also selected Savarino Construction LLC as the construction firm which will do the build out of its new Perry Street office. Savarino, the sister firm to the building's ownership group; will spend $224,400,000 on build-out. Another $20,000 will be spent on furniture and fixtures.