BUFFALO, N.Y. — A public hearing on E-Square Capital’s plan to convert the former Fedders factory in Black Rock into loft apartments will be held by the City of Buffalo Planning Commission on Monday, the next step in the firm's bid to gain approval for its site plan.
“We are viewing that as our full throttle approval to go ahead and get this project underway," said developer Eran Epstein, of the $23 million proposal to convert the dilapidated former industrial building into 80 lofts with rents at market rate or slightly below.
Epstein, whose firm has successfully transformed the Washington Street building downtown and the former YMCA on North Street into housing, confirms this will be the company’s biggest project to date in terms of total cost.
The sprawling site, which was built more than a century ago to produce radiators for automobiles has been vacant for several years and has fallen into severe disrepair according to Epstein.
“If you stand on Tonawanda Street and look up, you can see that the roof is gone. The northern part of the building is collapsed completely and has to be rebuilt. She needs a lot of TLC,” Epstein told 2 On Your Side.
Despite the challenges, Epstein sees the project as a logical effort to build on the success experienced just south of the old factory along the Niagara Street corridor.
"You can see that the Niagara corridor has really come a long way from the Crescendo Lofts to the Mentholatum Building….even on Tonawanda Street across from us where they’re redeveloping the old train station, this seemed like a great progression northbound," said Epstein.
If the project progresses as he envisions, Epstein said it could be ready to welcome residents by late 2020.
“We envision (renting to) folks who maybe aren’t just starting their careers, but who maybe have gotten a promotion or two in their job but who can’t quite afford the $1,500 per month lofts that are being built. So our goal is to come out with a $1,000 on bedroom/one bath and maybe a $1,300 two bedroom unit and deliver a product at par with everything that's come out as far as amenities,” he said.
One amenity which might stand out for residents in this development, however, is nearby Scajaquada Creek and its bike path which hugs the Fedders Lofts property.
“We’re thinking of buying kayaks and keeping them in our mini storage so we can have tenants sign them out and enjoy the water,” he said.
Epstein’s story is similar to others who came from out of town (New York City) to Buffalo to attend college and ended up taking a shine to the community.
Although while many of his University at Buffalo classmates were hitting the books and bars, Epstein was busy at a young age acquiring homes in the city’s University District and renovating them.
After returning to New York City to work in the fields of finance and real estate development, he eventually headed back to Western New York.
“In my mind, and the way I see buildings, this looks like a great opportunity to develop something that could really benefit the city,” Epstein said.