Key Bank is planning to open its fourth branch in Amherst, NY. The new location, which will be located on Niagara Falls Blvd just north of Robinson Rd, will be approximately 3,900 square feet and should open by the end of July 2010. The new branch is expected to house a lobby, teller line, five offices, two drive up teller lines, an ATM, and a night depository. The staff would consist of three tellers, two relationship managers, mortgage and investment advisers, a branch manager, and an assistant branch manager.
Key Bank has been adding branches at a rapid pace over the last year. It has opened branches in West Seneca, East Amherst, Orchard Park, and Grand Island. Additional branches are scheduled to open in Amherst, on Hopkins Road, and in Amherst near University Plaza.
Two more branches are planned for the Tonawanda or North Tonawanda area, and in a low-income area near Niagara Falls.
On Thursday, plans to restore the 82 year old Buffalo Central Terminal were released to the general public. The plans include loft apartments in the 17 story tower and market rate commercial space as well as restaurants in the main concourse. The baggage building would be converted to a ”green business incubator” which would help fuel some of the green projects in the region.
The cost for such a massive project? $75 million. Much of this cost would be masonry and roofing, as the building has been decaying since it was last used by Amtrak in 1979.
Organizers say that the project is certainly do-able, but there would need to be substantial investment to get the project underway. The project has been broken down into several manageable phases.
The Buffalo and Niagara Falls real estate market has been named as one of the Top 10 Markets To Watch by Inman News, for both residential and investment properties.
The market was chosen due to it’s sharp decrease in foreclosure activity, low REO and Bank Owned property count, and price point of properties. Foreclosure properties are discounted greatly over their non-foreclosure counterparts, partly due to our riding median price point. This is seen as an indicator of a healthy market as non-foreclosure property prices are not being as effected by the foreclosures.
Overall, the Buffalo foreclosure rate dropped 43.5% in 2010, to become one of the lowest rates in the country. In total, one in 332 listings received a foreclosure filing in 2010, as compared to one in 45 nationally.
Other cities included in the Top 10 Markets include Washington DC, Demoines, Portland, Kennewick, Fargo, Burlington, Bloomington, Bismarck, and Elmira. The Inman News article can be found here.
(Update to the March 3 article on the Niagara County Davison Rd Complex)
Developer Don MacLeod is moving forward in planning the redevelopment of the Davison Road site in Lockport! The 17+ acre parcel, currently owned by Niagara County, will most likely be redeveloped in to senior condos and medical office space. This week, the developer met with city and county officials to unveil a very preliminary plan on his intentions for the property. His bid of $160,000 was the highest bid held in an online auction for the property, which includes several buildings including a single family residence, office building, and storage facility, as well as several athletic fields.
Some city and county officials were concerned that the fields would be removed, or would no longer be available for use, which could be a sticking point with the community. The athletic fields will be open to the public, MacLeod stated, as he is a huge supporter of youth athletics.
The initial plan calls for four, four-story brick condo buildings, with 32 condos in each bulding. The infirmary would be converted to medical offices, and 2 more condo buildings may be built in the future, based on demand.
Full story at [The Union Sun And Journal].
