A final financing package, including some support from Buffalo Bills and Buffalo Sabres owner Terry Pegula, is in place and work on the long stalled Heritage Point project will resume in early March.
That's the pledge from developer Nick Sinatra, who has been working on the Canalside residential-anchored project for more than seven years.
Terms of the financing package were not disclosed.
Now, Sinatra has the financing he needs to re-start the $46 million development that will be anchored by 64 apartments plus some office and commercial space.
"This was a critical milestone that will lead to a full mobilization (of Heritage Point)," Sinatra said.
Heritage Point is one of the first, residential-anchored developments to take place within the Canalside footprint.
It bookends the Pennrose Co.'s residential project on what is called the "North Aud" site, with that project set to commence this fall.
"This (Heritage Point) will be a gem on Buffalo's waterfront," Sinatra said.
Sinatra was named designated developer for the site - located at the corner of Main Street and Marine Drive - in 2019. Some work started but came stalled more than five years ago because of what Sinatra called "meteoric" construction costs coupled with high interest rates.
Terry Pegula and Sinatra began conversations more than one year ago.
Pegula has a vested interest in seeing Heritage Point completed. The Sabres and Bills owner invested more than $250 million to develop the LECOM HarborCenter that's located kitty corner from the Heritage Point site.
Pegula is in the early stages of a massive renovation of KeyBank Center.
"It's no secret, everyone is looking forward to getting this project done," Sinatra said.
The delays have drawn the wrath from leaders like Erie County Executive Mark Poloncarz.
Sinatra some "de-wintering" of the site will start in early March, with full construction - weather permitting - beginning in April.
Sinatra said Heritage Point will be move-in ready for his tenants by late summer 2027.
"We are this close to getting it over the finish line," Sinatra said.