Bevilacqua pays $1.3 million for Amherst Lymstone Lofts site

Buffalo Business First

An affiliate of Bevilacqua & Associates has officially closed on the property it needs to develop a mixed-use building that straddles both the Town of Amherst and Village of Williamsville municipal lines.

Bevilacqua, through its 5933 Main St. LLC and 5949 Main St. LLC affiliates, paid $1.3 million for the 1.7-acre parcels of land to construct the Lymstone Lofts. Construction is expected to start this spring.

Located at the corner of Main and Hirschfield streets and directly across from Williamsville South High School, the project will replace several older buildings with a proposed three-story building anchored by 20 market-rate apartments.

Amherst-based Bevilacqua will be investing more than $9.15 million in the project. The Amherst Industrial Development Agency, in November, approved tax breaks for the project which fits into one of the town’s designated “neighborhood enhancement zones.”

The IDA incentives — sales, mortgage recording and property tax breaks — applied only to the bricks-and-mortar portion of the project and not the retail portion.
Jonathan Bevilacqua, CEO of the Amherst-based development company, said the will measure 56,000 square feet.

The 16,000-square-foot first floor will have a mix of retail and office tenants. No leases have been signed, although talks are underway with some prospective tenants.

The upper two floors will house the 20 apartments including 12 two-bedroom units. The two-bedroom units will range in size from 1,450-square-feet to 2,100-square-feet while the eight one-bedroom apartments will range in size from 1,280-square-feet to 1,890-square-feet.

More than 44,000 vehicles pass by the site on a daily basis and its location across from the high school adds to its visibility.

With construction starting this spring, the building should be tenant-ready by 2017’s first quarter.

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