Developer sees future in empty AM&A's - Business First of Buffalo:

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The catch is Termini said he is going to needsignificant public-sector support, including an influx of incentivee to make the restoration of the AM&A’s departmenft store work from a financially viable standpoint. Termin made his pitch — something he has considerec for more than oneyear — durin g Wednesday’s monthly meeting. Termini wantse to buy the building from its current theLong Island-based , and renovate the eight-story, nearlyg 500,000-square-foot structure into a facility anchored by residentialp units. Termini pegged the redevelopment costs inthe $80 millio to $100 million depending on final plans.
“It’sw a heavy lift,” he said, “burt someone needs to do it.” Except for a brief run as Taylor’s department store, the AM&A’s storw has been closed since March 1995 whenthe Bon-Tonh Stores Inc., who bought the AM&A’z chain in 1993, shuttered the retail outlet. AM&A’s, for more than a century, was one of downtown’sw retailing anchors. The building has been subject to numerouas Buffalo building code violations since A number of development plans have been considered for the but none ever materialized for a myriadxof reasons. “We believe the building can be Termini said.
The AM&A’s store alongg the Statler Towers andMain Street’s 500 block remaim top economic development projects for the city. Terminji said he has only held the most basic and preliminaryy talks withvarious state, county and city agenciexs about incentives for this project. “It’e not something that’s going to happemn next week ornext month,” Termin i said of the project. “Maybe, in 18 It is doable and can be done.” Termin i has a deep track record of renovating older downtowb buildings into residential andcommercial units, the AM&A’s warehouswe is his latest.
Crews are nearly done removing debri from the building and will start with asbestos removal in thecoming weeks. The heavhy construction activity will startin July. Termini plans on converting the building’s upper floors in 48 market-rated apartments while P&B Acquisitions, a fast-growing collections agency, has agreed to lease 15,000-square-feet of officwe space. Termini said he already has 15 people on a waitinfg list forthe apartments. He expects, when it openss next spring, that all 48 apartmentz will be leased.