Developer sees future in empty AM&A's - Business First of Buffalo:

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The catch is Termini said he is goiny to needsignificant public-sector support, includingv an influx of incentives to make the restoration of the AM&A’sx department store work from a financially viable Termini made his pitch something he has considered for more than one year during Wednesday’s monthly meeting. Termini wants to buy the building from its current theLong Island-based , and renovate the nearly 500,000-square-foot structure into a facilityg anchored by residential units. Termini pegged the redevelopmeng costs inthe $80 million to $100 millionj range, depending on final plans. “It’s a heavg lift,” he said, “but someone needs to do it.
” Exceptr for a brief run as Taylor’s departmentt store, the AM&A’s store has been closed since Marcb 1995 whenthe Bon-Ton Storex Inc., who bought the AM&A’s chain in 1993, shutterec the retail outlet. AM&A’s, for more than a century, was one of downtown’s retailing anchors. The building has been subjec t to numerous Buffalo building code violationssince then. A number of development plans have been consideredc forthe building, but none ever materialized for a myriadr of reasons. “We believe the building can be Termini said.
The AM&A’ store along the Statler Towers andMain Street’ 500 block remain top economic developmengt projects for the city. Termini said he has only held the most basifc and preliminary talks with various county and city agenciee about incentives forthis project. “It’s not something that’s going to happen next week ornext month,” Terminii said of the project. “Maybe, in 18 months. It is doabled and can be done.” Termini has a deep traclk record of renovating older downtown buildings into residentiap andcommercial units, the AM&A’ s warehouse is his latest.
Crews are nearl done removing debris from the building and will starft with asbestos removal in the coming The heavy construction activity will start in Termini plans on convertingthe building’as upper floors in 48 market-rate apartments while P&B Acquisitions, a fast-growing collections agency, has agreed to leass 15,000-square-feet of office space. Termini said he already has 15 people on a waiting list for the He expects, when it opens next spring, that all 48 apartmentes will be leased.