A few of the details on the sale of the Genesee Block are trickling out. CityView Properties, whose developments include the Larkin at Exchange complex, City Centre, and 598 Main Street, is taking the lead on the project which will create a mix of retail, office and residential space. Also involved is Scot Fisher and the Wendt Foundation. Their plans involve redevelopment of all of block except the building housing Eddie Bradys. The project includes 85 Genesee Street which collapsed during a wind storm several years ago (photo below). Roger Trettel, who bought the ornate 99-101 Genesee Street from Genrich, will either coordinate reuse plans for his properties or sell them to Genesee Gateway LLC.
The complicated and lengthy transaction was handled by Pyramid Brokerage’s Robert Biniszkiewicz. ”When this block is converted, the impact on Buffalonians' opinion of downtown will be enormously improved,” says Biniszkiewicz. “These are the most prominent buildings in the city for thousands of commuters exiting the 33. Every baseball and hockey fan coming in from Amherst, all the Chippewa Street patrons, everybody getting off on the Oak Street exit will be delighted to see these properties completely rehabbed. It's a VERY good thing for Buffalo, for such a relatively small project,” he says.
85-51 Genesee Street
According to Biniszkiewicz, “Genrich had great vision but never had the courage, for whatever reasons, to keep investing in the project. Credit him with selling the properties for less than he feels they're worth and in all likelihood, less than he has invested in them overall including property taxes.”
Despite appearances, the buildings are actually very well preserved. Genrich spent $25,000 last year replacing the waterfall windows in the Werner Photographic building. The empty shells on the corner are well preserved structurally: A steel skeleton was erected within the original walls of the buildings at the corner of Genesee and Oak street. A new roof put on 15 years ago and anything that could deteriorate was largely removed. That said, the project is expected to be an expensive undertaking.
“I'm delighted to have them out of Genrich's hands and into the hands of a team of developers with a track record, deep pockets and vision. Credit Roger Trettel with teaming with Scot Fisher. Credit Scot Fisher for bringing in Wendt and credit Wendt for bringing in CityView Properties. Says Biniszkiewicz, “This is going to be a very good development.”
This is not the first time the Wendt Foundation has been involved in a historic preservation project. In 1993 the foundation helped buy and restore East Aurora’s Roycroft Inn, an $8 million undertaking that was completed in 1995. The foundation also recently purchased the Roycroft Chapel that is currently being used as East Aurora’s town hall. That building will be restored when the town’s offices relocate. Douglas G. Swift, president of the non-profit Roycroft Revitalization Corporation, is a also CityView Properties partner.
Entry image credit: Roger Trettel