LOCKPORT, N.Y. (WBEN)....New development life may be coming to one of the oldest landmarked building in downtown Lockport.
Brothers Sam and Rob Savarino, through their Moose & Squirrel Holdings LLC affiliate, are prepping to invest $12,631,500 in reviving the former F&M Tower in Lockport.
At $12.6 million, the project is one of the largest, private sector-backed developments in Lockport this year.
Plans call for the Savarino brothers to retrofit the building's upper floors into 16 market rate apartments with first floor commercial slated for the street level.
A side building will be used for commercial space and indoor parking.
"This a classic case of incremental development helping to rebuild Lockport's downtown core," said Andrea Klyczek, Niagara County Industrial Development Agency executive director.
The IDA is considering a series of tax breaks to help the project financially pencil out.
"A project like this is important as we try to make downtown Lockport a more walkable downtown," Klyczek said.
Built in 1905, the building was the headquarters of the former Farmers & Mechanics Savings Bank. The bank closed in the 1960s and has been largely vacant ever since, with only sporadic use.
Sam Savarino bought this building earlier this year, paying $250,000 for the tower.
Construction is expected to start ;later this year.
Development project will bring new residents to downtown Lockport
Development project will bring new residents to downtown Lockport
