CCIDA Board Approves Financial Incentives for Purchase of Dunkirk Property
(WNY News Now) – Dunkirk – At its August 27, 2024 meeting, the County of Chautauqua Industrial Development Agency (CCIDA) Board of Directors approved incentives for 401 Central, LLC. The board action will support the purchase and renovation of property located at 401-403 Central Avenue in Dunkirk, known as the former Lake Shore National Bank building, as well as an adjacent parking lot on Lark Street. The incentives include real property, sales tax, and mortgage recording tax abatements.
401 Central, LLC was formed by Gary Crewson of Peak Development Partners, the Managing Member. Acting together with Lee Crewson (Agent) and Craig Marlatt (Preconstruction Manager), the plan is to purchase the building from its current owner, the Dunkirk Local Development Corporation (DLDC), and convert the 10,855 square-foot structure into five market rate apartments and approximately 1800-2800 square feet of commercial space. The building is prominently located at the intersection of Central Avenue and 4th Street, diagonal from City Hall and three blocks from the waterfront.
The total cost of the project is estimated at $2.4 million. The financial assistance provided by the CCIDA will include sales tax, mortgage recording tax, and property tax abatements over 15 years, with $243,864 in new total PILOT (payment in lieu of taxes) payments paid to the affected tax jurisdictions during that same time period as a result of the new capital investment. The project will also receive state funding from the recent Downtown Revitalization Initiative (DRI) grant awarded to the city in 2023, plus an additional grant from the state’s Regional Economic Development Council.
Built in 1938, the building was the longtime home of Lake Shore National Bank. It was later used by Marine Midland, HSBC, and then First Niagara Bank, which closed operations at the location in 2016 after First Niagara was bought by KeyBank. It has sat vacant ever since.
The project will provide an estimated 24 construction jobs during the renovation period and, once complete, up to seven permanent full time jobs. Work is expected to begin immediately, with a tentative completion date of September 2025.
“Our plan is to provide market rate apartments for working professionals who want to live in the downtown area, close to where they work. We also look forward to providing commercial space in a key corridor of Dunkirk to help enhance the business district,” said Gary Crewson. “We’re grateful to New York State, the City of Dunkirk, and the CCIDA for helping us move this project forward and can’t wait to see it completed and ready for use.”
“The CCIDA is happy to offer financial incentives for this project at the request of the City of Dunkirk, and we’re excited to see it move forward,” said Mark Geise, Chautauqua County Deputy County Executive for Economic Development and CEO of the CCIDA. “Communities across the country are challenged with legacy bank buildings that served a key purpose in the 20th century, but have become outdated with the advent of digital and online banking in the 21st century. It’s exactly the type of project our adaptive reuse PILOT program is intended to be used for, and it’s precisely the type of project that the City of Dunkirk’s downtown needs and will support.”
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