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The development team that wants to build a residential and artist’s-friendly community along the Silo City property say when their project is done within the next 10 years the investment could amount to more than $100 million and bring approximately 400 apartments to the property that overlooks the Buffalo River.
Ambitious, yes they admit but, also realistic.
“This project has great bones and great land to work with,” said Anthony Ceroy, one of two Generation Development Group LLC partners. “I could scour the country for an opportunity like this. You don’t realize the opportunity that’s here.”
The Miami-based Generation Development Group is working with Richard Smith III, Rigidized Metals president and Silo City founder on the development.
Ceroy and his partner, Marvin Wilmoth, and their architect, Steve Carmina from Carmina Wood & Morris, gave the Buffalo Planning Board a brief overview of the project. The board will consider its first in a series of votes on the project later in June.
The first phase, a $40 million investment, proposes 150 apartments developed along some of the vacant warehouses and mill buildings on a series of parcels along Buffalo River Road. The silos will be renovated into artist galleries.
“The silos are certainly an interesting element,” Wilmoth said. “The silos are an asset. They give the project a gritty nature and some panache.”
Later phases, all market driven, could see another 350 apartments developed and other silos renovated into artist-friendly centers.
Ceroy and Wilmoth said it may take between eight and 10 years to fully develop the property.
Read the full article by by James Fink at https://www.bizjournals.com/buffalo/news/2019/06/04/silo-city-project-may-top-100-million.html
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