May 17, 2012Groundbreaking: Wellman Building Redevelopment
Mayor Sam Teresi acknowledges the numerous public and private entities that have come together to make the groundbreaking of the Wellman Building renovation project a reality.
Cornerstone Project
Financing Set for Wellman Building Project
by Jason Rodriguez
Courtesy of The Post Journal
The finish line is in sight for the $7.4 million restoration of the Wellman Building.
On Tuesday, a pair of Buffalo-area developers gathered with local representatives to announce the progress and anticipated completion of the project at the corner of Third and Cherry streets. According to speakers at the event, the building's rebirth shines as a project of distinction for many agencies helping in effort.
Jason Stronz, director of the Jamestown Renaissance Corporation, begin the ceremony with prepared remarks from the Empire State Development Corporation, which awarded the cornerstone project a $1.2 million RESTORE New York grant. Dennis Mullen, Empire State Development chairman, explained the agency's mission is to encourage the growth of local businesses through the state.
The county Industrial Development Agency responded with an arrangement made with the developer-owners for future payments in lieu of taxes.
"The core of the city is what is so important," said Bill Daly, IDA director. "The Wellman Building will bring a vitality and a sense of place to this downtown. Hopefully it will stimulate hotels to be filled, more restaurants (and) more shops."
Tania Werbinsky, regional director of the Preservation League of New York, said it has been four years since the first workshop was held in Jamestown to explore the adaptability of vacant upper floors located downtown.
"I'm here today, four years later, to congratulate all of the people involved," Werbinsky said.
She added the Wellman Building is a milestone project for Jamestown - where 61 other buildings in an "historic overlay" district await tax credits - as well as the regional landscape outside of Buffalo, where one such other project is currently in the works. The project received an initial investigation grant by the Preservation League, which led to the availability of more than 1.5 million in state and federal historic tax credits.
"We are very interested in how this moves forward," Werbinsky said. "We look forward to coming back to not only a ribbon-cutting for this building, but other buildings in Jamestown and the region because you are setting the standard that others will be striving for."
By far, the largest contributor of the restoration is Jamestown Development Company IV, leading the ongoing construction and putting in more than $4 million for the total cost.
"The project has been in the works for about three years. We secured financing through First Niagara Bank about six months ago," said developer Jon Williams, who co-owns the corporation set up to restore and manage the property.
Williams added the expected time for occupancy is late autumn next year.
The project will feature a mix of apartment styles - 27 two-bedroom units, 15 singles, and three studio apartments - with 11,000 square feet of commercial space available on the ground floor.
"I like Jamestown, and this is a great building," Williams said. "Sometimes you do something with your heart instead of your head. I'm hoping I did this with both of them. This is a special building, and it's going to be a nice project when it's done."