The redevelopment of the Packard Building, a historic Main Street structure, is expected to begin within the next few weeks now that the building has officially changed hands.
Regan Development from Westchester County has acquired, the three-story, 70,000-square-foot building, paying $1.2 million. The deal closed may 7.
In a series of transactions, Cash Realty of New York Inc., which is owned by businessman and civic leader Cash Cunningham, sold the building to Packard Building LLC. The building is located at 1325 Main St.
The deal is Regan Development’s first in the immediate Buffalo Niagara region.
Regan officials said they expect to invest $9.5 million into the project, converting the circa 1926-building — originally constructed as a Packard dealership — into 40 apartments that will be marketed to subsidized tenants. The first floor will be used for commercial space, most likely offices or a restaurant.
The development calls for the building to house one studio apartment, 11 one-bedroom units, 24 two-bedroom units and four three-bedroom units.
The building should be ready to welcome its first tenants next year.
Resetarits Construction Corp. has been retained as the general contractor while Hamilton Houston & Lownie Architects LLC was hired as the project architect. The deal was brokered by Bob Biniszkiewicz from Buffalo Pyramid Brokerage Co.
