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Press Releases > Developer Agreement For 201 Ellicott Street
Developer Agreement For 201 Ellicott Street
MAYOR BROWN ANNOUNCES THE FILING OF DESIGNATED DEVELOPER AGREEMENT FOR 201 ELLICOTT STREET
May 24, 2016 – Mayor Byron Brown, joined by Paul Ciminelli, President and CEO of Ciminelli Real Estate Corporation, and Tops Chairman and Chief Executive Officer Frank Curci, announced today that Ciminelli Real Estate will develop “201 Ellicott Street”, a City-owned surface parking lot, located in the heart of downtown Buffalo. The agreement will be filed for the next Buffalo Common Council meeting on Tuesday, June 7, 2016.
“I’m encouraged by the momentum we continue to see in our downtown,” said Mayor Brown. “Ciminelli Real Estate will be a great partner on the “201 Ellicott Street” project and we appreciate its commitment to Buffalo as we continue to work together to grow our community as a city of opportunity for all residents. Providing an urban grocery store, office space and additional housing and retail opportunities in the heart of our City will help further strengthen our position as a destination place for individuals, families, and businesses.”
“The filing and ensuing designation is a critical step for the developer in a project like this,” said Paul F. Ciminelli, President and CEO of Ciminelli Real Estate Corporation. “This gives us the green light, so that we can roll up our sleeves and get to work with the actual design and planning. We’re excited to continue moving forward.”
201 Ellicott Street is located directly across from the newly renovated Hotel Lafayette and in an area that’s experiencing tremendous growth, from an increased demand for residential units to retail offerings to an influx of new downtown residents and workers, providing a great development opportunity. Last year, the City of Buffalo Office of Strategic Planning, Division of Real Estate, issued a Request for Qualifications (RFQ) in search of a qualified developer for the site, rather than a specific project proposal. The City received three responses to the RFQ.
When all the factors were added up, Ciminelli Real Estate Corporation best demonstrated its ability to be a partner in development and also agreed to the following terms:
Mayor Brown concluded. “We look forward to working with Ciminelli Real Estate Corp. on this exciting shared initiative that will further strengthen the city and region, and continue the remarkable progress in downtown Buffalo by reinventing this prime piece of city owned land.”
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Photos by Angel Art LTP, compliments of the Greater Buffalo Convention and Visitors Bureau. Additional photos by Adrian Roselli, compliments of Algonquin Studios