September 6, 2017
NY State Homes and Community Renewal, City, KCG Development,
Local Leaders and Partners Mark Construction of 147 Mixed-Use, Mixed Income Apartments;
AP Lofts Project Complements Gov. Cuomo’s Commitment to Revitalize East Side
(Buffalo, NY, September 6) – New York State Homes and Community Renewal, State and City of Buffalo leaders, KCG Development, residents living near Swan Street and Jefferson Avenue and project partners to celebrate the construction of the AP Lofts in Larkinville. The 147-unit mixed use development is the adaptive re-use of the historic former Great Atlantic & Pacific Tea Company warehouse at 545 Swan Street that was built in 1910.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “AP Lofts is another example of Governor Cuomo’s commitment to revitalizing Buffalo’s East Side. This development will transform a building that is part of the city’s past to 147 units of affordable housing that will both enhance downtown’s revival and spur nearby redevelopment.”
Marvin Wilmoth, KCG Development’s Vice President for Development said, “KCG Development is honored to be welcomed into the Buffalo community and receive financial support from Governor Andrew Cuomo’s team at Homes and Community Renewal and the Office of Parks, Recreation and Historic Preservation, the federal government, Buffalo Urban Renewal Agency and Boston Capital to complete this unique project. We were energized by the history of the former A&P warehouse and the diversity of the surrounding community. We definitely saw the beauty of the community which inspired a vision to re-imagine and design a residential and commercial structure that could become a community asset.”
New York State Commissioner of Parks, Recreation and Historic Preservation Rose Harvey said, “The AP Lofts project is another great example of how Rehabilitation Tax Credits are helping to transform underutilized buildings in the Seneca corridor in Buffalo. Investing in historic structures revitalizes local economies, encourages sustainable neighborhoods and preserves the unique character of our communities.”
The eight-story warehouse is being converted to 147 one- and two-bedroom loft-style apartments and provide modern, energy-efficient multi-family housing for working individuals and families. AP Lofts will feature a community room, business center, fitness and wellness center, outdoor patios and green space, climate-controlled indoor parking and a leasing office. In addition, there will be 4,200 square feet of commercial/retail space facing Hamburg Street.
Funding for the approximately $40 million redevelopment project comes from several sources including: New York State Homes and Community Renewal’s Housing Finance Agency (HFA) provided $20.73 million of tax-exempt bond financing, a $5.27 million New Construction Capital Program low interest subsidy; HFA Middle Income Housing Program loan of $2.76 million and a 4 percent Low Income Housing Tax Credit annual allocation of just over $1 million which leverages nearly $10 million of Low Income Housing Tax Credit equity. Federal Historic Tax Credits leverage $7.3 million of tax credit equity; New York State Historic Tax Credits, allocated by the Office of New York State Parks Recreation and Historic Preservation, leverage about $4 million in tax credit equity and about $1 million comes from Buffalo Urban Renewal Agency Home Funds.
Project Complements Governor Cuomo's Commitment to Revitalizing Buffalo's East Side
AP Lofts complements the Governor's commitment of improving housing and stabilizing neighborhoods on Buffalo's East Side. In July, Governor Cuomo announced the commitment of $10 million for a three-year initiative to create homeownership opportunities, make needed home repairs to prevent foreclosure, and fund a targeted zombie property prevention strategy for Buffalo's East Side and the Town of Cheektowaga. The first phase of funding for the three-pronged Neighborhood Stabilization Initiative invests more than $4 million to begin work on nearly 250 homes this year.
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