BUFFALO (WBEN) - It certainly doesn't look like much - in fact, the city-owned parking lot situated in between the 190 and Skyway interchange looks closer to an eyesore than a burgeoning property - at least to most people.
However, prominent downtown developer Doug Jemal isn't most people, and he sees an opportunity hidden within the rusty doughnut structure surrounding the rather run-down surface lot.
Yesterday, Mayor Byron Brown announced his recommendation that Douglas Development Corporation take over the 61 Terrace lot, with sights set on a grand mixed use property to complement Jemal's major redevelopment - Seneca One Tower.
"We have an opportunity for an asphalt, surface lot to become the site of the next key piece of our city's rapidly evolving downtown," said Brown.
The firm wants to construct a nine-story mixed use property, featuring a four-level parking structure, topped with five floors of apartments that will be aimed at workers within Seneca One.
While Jemal wasn't present at Wednesday's press conference, Paul Millstein, who described himself as "Douglas' head assistant," expressed his excitement about working with what most would consider to be a hole-in-the-wall property.
"We see a surface lot that is literally blighting the downtown, and we've got to fix that," Millstein began. "It's a great corner, it's next to Seneca One, and more importantly, it's an important gap of property between the downtown and the Canal. It's another dark, blighted spot that we've got to create that connectivity and make the downtown flow.
"We're going to embrace this doughnut, this structure, we're going to make it fun," Millstein continued. "Our garage pushes the residential units above it, so you can have beautiful views. We'll use triple pane glass, so you'll have no sounds, and we think it actually adds to the uniqueness of it."
Millstein noted that they're actually going to try to create some retail opportunities underneath the Skyway, and he anticipates rent will likely be in the $2 per square- foot range, meaning a 500-square-foot apartment will run close to $1,000.