With financing in hand, work on the redevelopment of the former Record Theatre store at 1786 Main Street has kicked-off. Jason Yots of Common Bond Real Estate, Derek King and Michael Puma of Preservation Studios, and Richard Rogers and Travis Gordon of Urban Vantage are partnering on the project.
When complete, “The Monroe” will include 17 workforce apartments and 11,000 sq.ft. of commercial space. The apartments will, on average, be affordable to households earning less than 80% of the area median income. The commercial spaces will include neighborhood shops and eateries that will occupy the former car showroom and ring a multi-season courtyard. The project also will include multiple micro-offices and studios for emerging entrepreneurs and artists.
The roughly $7 million project is being financed in part by The Community Preservation Corporation, in cooperation with New York Homes and Community Renewal. Empire State Development Corp. also will provide financing under its Better Buffalo Fund program. The developers also raised equity financing through the syndication of federal and New York historic tax credits, and through a Regulation D offering hosted by Common Owner.
BRD Construction is the general contractor on the project. Completion is expected by Fall 2023.
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