Buffalo Rising Online

Dec 9th 2008, 9:57am By West Coast Perspective

One of downtown’s most prominent corners is available for lease. Property owner Greg Rehwoldt’s Queen City Lofts, LLC is starting a phased rehabilitation of 537 Main Street, a three-story historic building facing Roosevelt Plaza and the Hyatt Regency hotel. The property was the long-time home of an Arby’s and most recently Grever’s Florist. Chris Malachowki of Hunt Commercial Real Estate is listing the 2,275 sq.ft. of ground-floor retail and/or office space.

Rehwoldt says he is “going to be taking a phased-in approach” to the project. “We are looking to get a tenant on the first floor and then tackle the balance of the building.” Future plans call for office space on the second floor and one residential unit on the third level.

Rehwoldt has been working with Buffalo Place Inc. on the project which helped him secure a $70,000 grant through the New York State Main Street Program. He has also secured a $50,000 grant from National Grid. Current work will focus on the build-out of the ground-floor commercial space, repairing floor joists, core improvements, and updates to the façade.

“The windows will be refurbished and a new storefront will be installed,” says Rehwoldt.

Redevelopment of the 500 block has been a goal of downtown officials since the Hyatt opened in 1984. Finally, things are stirring primarily by new owners recognizing its key location and the relatively small buildings ready for rehab.

Don Warfe purchased a three-story building at 501 Main Street and is planning ground floor commercial space with two upper floor residences. Across the street, the four-story, 11,440 sq.ft. building at 496 Main was purchased by Kent Keating. The new owner has approvals to renovate it for commercial space topped by one unit of housing.

Recent nearby investments include Carmina Wood Morris’ renovation of 487 Main Street and Iskalo Development’s rehab of the Electric Tower building and the former Howard’s Shoes store at 5 E. Huron. The Martin Group’s redevelopment of a former Wendy’s at 477 Main Street is getting underway.

On Washington Street, E-Square Capital is working on creating three, two-unit condominiums at 504 Washington and the Slotkin Building at Washington and Mohawk is the new home of the WNY Books Arts Collaborative.

Other properties are still in play including the former Burger King at Main and Mohawk, 505 Main Steet, 9 Genesee Street, and 500 and 510 Washington Street.

One building at a time.

Get connected: Chris Malachowski, Hunt Commercial, 716.880.1914