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New owner of Webb Building sees very bright future for structure: Rocco Termini plans apartments, retail in ex-factory
(Buffalo News, The (NY) (KRT) Via Thomson Dialog NewsEdge) Jan. 11--The 119-year-old Webb Building on Pearl Street in downtown Buffalo might be missing most of its roof and most of its interior has caved in, but it has a very bright future.
Buffalo developer Rocco Termini has acquired the long-neglected, former factory and plans to convert it to apartments with first floor retail.
"It's a beautiful building that's in horrible condition," said Termini, who paid $101,280 for the dilapidated, red brick building last month.
The developer, who has successfully converted a cluster of downtown industrial buildings and a former school to residential and commercial use, said the $9.2 million project at 90 Pearl St. won't be easy.
"There's a huge gap in the roof that's allowed the interior to rot away. Most of the floors have collapsed and what's left won't even support the weight of one person," Termini said.
The precarious state of the structure has forced Termini to kick off the work with internal bracing. Crews began shoring up the building's interior earlier this week, starting on the ground floor. The price tag for the bracing effort is pegged at more than $1 million.
Floor joists will go in one level at a time over the next few months, followed by roof work. Replacement of mechanical systems should be under way by April.
"It's not an ideal sequence, but there's nothing inside to stand on to fix the roof right now," he said.
The developer's goal of saving the structure is now spelled out across its front facade via a banner that reads "We Believe in The Webb."
Termini plans to convert the circa 1888 building, which began life as a belt and hose factory, to 32 apartments, with a day care center occupying the first floor. The first tenants are expected to arrive in September.
"Because there's really nothing left inside, it's a fairly straightforward project once there's floors and ceilings. It will come together pretty quickly," he said.
Termini plans to raise $2.2 million for the project through federal and state historic tax credits. Another $3 million will come from federal New Markets tax credits. Private financing has also be secured through a Bank of America community development program.
The building, located two doors down from the Pearl Street Grill and Brewing Co., has local landmark designation. It's located in the Joseph Ellicott Preservation District and an Empire Development Zone.
As the first-floor tenant, Termini has signed Vincentes Academy, a day care center that will accommodate up to 200 children. The 32 apartments, which will average 1,100 square feet, will lease for around $1,000 a month.
e-mail: slinstedt@buffnews.com
Copyright (c) 2007, The Buffalo News, N.Y.
Distributed by McClatchy-Tribune Business News.
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