A deal to sell property on Ellicott Street to Savarino Companies for development of Ellicott Station, which includes a restaurant, office space, and apartments, was finalized in Buffalo today.
Pier Cipollone, president of the Batavia Development Corporation, and Julie Pacatte, economic development coordinator for the BDC, were authorized earlier this week by the BDC board to finalize the property transfer.
Technically, the BDC sold Ellicott Station LLC to Ellicott Station Development LLC/Savarino Companies. Ellicott Station LLC, not the BDC or the City, was the owner of the real estate.
The sale needed to close by Jan. 31 because of changes in the tax law would have meant loss of a $200,000 tax credit for the new owners.
Savarino is still working with 16 different entities to finalize financing for the development and has some environmental investigations yet to complete. Officials expect financing to close by mid-February.
The Buffalo-based firm is making a direct investment of about $3.5 million and will borrow approximately another $10 million or more, and local, state, and federal programs will cover another $5 million or so of the more than $18 million in project expenses.
Some of the financing is coming through the New Market Tax Credit program, which is one factor in why the financing is complicated (see prior story).
Resurgence Brewery will be the anchor tenant for the development and BDC officials expect a 2018 opening for the new restaurant.
The approximate 64,000-square-foot development will include office space and a five-story apartment complex with 51 units.
The location is the former buildings of Santy's Tire Sales and Soccio & Della Penna Construction.
