Company Description

471 Elmwood Group, LLC (the applicant) is a subsidiary of Sinatra and Company Real Estate, a full-service real estate firm with over 5,500 multi-family units across 5 states. The group is the largest apartment owner in WNY and operates all properties through leasing, property management development and commercial brokerage.

Project Description

Built in 1910, 471 Elmwood Ave is a historical 2-story brick building within the Elmwood Village. While the building has been vacant for 8 years, its most recent use was as a restaurant (Casa di Pizza) and previously is believed to have been the site of a dry cleaners.

The project was originally slated for demolition however a decision was made to save the structure with current attempts underway to winterize the building through various joist replacements thus preventing further damage. This project would not be financially feasible without assistance due to the excess of structural repair work not part of the project’s original scope of work. Upon completion, the project will offer 5,500 sq ft of 1^st floor commercial/retail space and 5,500 sq ft of 2^nd floor residential units – 1 being offered at 80% of AMI. Parking will be in the rear of the building.

03/23/2022 -  $3,590,000 - Lease/Leaseback Inducement Resolution passed by the ECIDA Board of Directors