Property Description
NEW INCOME OPPORTUNITY FOR AN INVESTOR, DEVELOPER OR CONTRACTOR
Strategically located in the path of the Downtown Revitalization Initiative (DRI) is 14,125 square feet, a property well positioned to capitalize on growth and economic repurposing. The centralized location at 116 Broad Street in Tonawanda provides a magnet for mixed use apartment living with easy access to riverfront concerts, biking paths, shops, restaurants and pubs. The building’s current stripped interior offers a jump start with design flexibility, ideal for tailored multiuse redevelopment, potentially to include six or more apartments, much in demand in today’s market. This apartment project is under review by the state for a DRI grant in the spring.
Your mixed use vision could include medical offices, contractor offices, showrooms and a preschool which would thrive in this downtown area. Ideal for the property’s aesthetic charm might be a catering and events center while former school rooms could be linked to area culinary centers. A phased approach using the former school rooms could be the money maker springboard.
To date, an Asbestos Abatement Report has been done showing the property is free and clear, an estimate for thermal heat pumps has been provided by Noco Energy Corporation, and as well, the architect’s drawing for a potential six apartments in the stripped interior and the property survey are done.
This property in a prime location is a must see, a compelling investment opportunity with potential for strong returns. Whether you are interested in residential, commercial, or mixed-use development, this property provides the flexibility and opportunity to be part of a thriving hub in the heart of the downtown area. The current owner is relocating, creating an open door for a new owner to unlock the full potential of this property.
