[westcoastperspective]

Termini adding to downtown apartment portfolio

Business First of Buffalo

Developer Rocco Termini is moving ahead with plans to increase his downtown Buffalo apartment portfolio by 55 percent and simultaneously find a new home for a fast-growing firm.

Termini, through his Signature Development company, has secured private-sector funding for the conversion of the historic Webb Building on Pearl Street into market-rate upscale apartments. The 130-year-old Webb Building is expected to be home to 32 new apartments and a 14,000-square-foot day care center.

The $10 million project has mostly private funding, though Termini is negotiating a payment-in-lieu-of-taxes incremental financing package through the Erie County Industrial Development Agency. The pilot would be worth about $800,000 in low-interest financing.

Termini said he hopes to begin construction on the apartments by mid-October with the first units ready by September. Termini has the building under contract from fellow developer Carl Paladino. The deal is expected to close just before construction begins.

The Webb Building, once the home of an industrial belt manufacturer, has been vacant for more than 20 years. The six-story building has 60,000 square feet.

Carmina & Wood Architecture has been retained to handle the architectural work.

Termini, next month, will appear before the Community Preservation Corp. loan committee to ask for a $3 million loan to help underwrite his conversion of the circa 1894 former Graystone Hotel on Johnson Park into 33 market-rate apartments. Termini also has the building under contract from Paladino. The conversion is expected to cost $7 million.

Work is expected to start later this winter, Termini said. Carmina & Wood are the architects.

The Graystone, original known as the Berkeley Hotel, has been vacant for more than 10 years, but is considered a downtown historic landmark.

"Both buildings have so much character," Termini said.

With the new buildings, Termini's Signature Development, will have 185 apartments in its downtown portfolio. His other projects include the Ellicott Lofts, the IS Lofts and Oak Street Lofts.