JAMESTOWN, NY (WNY News Now) – As part of a $40 million dollar project, work to redevelop Jamestown’s tallest building is underway.
“Some housing, some affordable housing, so there will be a mix of housing,” explained Jamestown Director of Development Crystal Surdyk. “There will be a boutique hotel as part of the building and then the rest of it will be commercial space. There may be some professional office type space, but the first floor will be all retail, restaurant, that type of commercial use.”
The Furniture Mart Building, located at 111 West Second Street in Downtown Jamestown, will be redeveloped by Buffalo business Savarino Companies.
According to the city’s director of development, the historical building qualifies for a $500,000 Restore New York grant.
“The project needs to meet the definition of vacant, so it needs to be at least 50 percent not occupied,” stated Surdyk. “The community must be qualified as a disadvantaged community, it must be in a Brownfield Opportunity Area, it also needs an Empire Zone qualification, feasibility and readiness need to be completed, committed financing, expected to start within 12 months, induce commercial investment, and improve local housing, and leverage other state and federal programs.”
If the grant is awarded, the City of Jamestown would provide a 10 percent match of $50,000 dollars. The remaining funds would come from Savarino Companies directly.
“As far as I understand they’re very close to closing on a sale,“ explained Surdyk. “Once that is done we will be able to move forward, the applications are due October 11th.”
Once the sale is finalized, and plans are drawn up, work would have to begin within a year of the grant’s application in early October.
Current parking spaces will also be transformed into parking garages for the new residents and businesses in the building.