Buffalo, N.Y. (WBEN) - As elected officials this week celebrated groundbreaking of the North Aud Block project at Canalside, some Buffalo business leaders are still speaking out against it.
Last month, a group that includes Buffalo developers Rocco Termini, Chris Jacobs, and others, sent a letter to the Governor, Mayor, and County Executive asking for oversight of Pennrose Development's plan for the high-profile plot of land after they say plans changed to greatly increase the amount of subsidized housing the development would include, without public input.
Since then, the project has shown no sign of slowing down while the objections have grown louder.
"They are getting government aid and grants that are going to cover the entirety of the project, and they're not going to have to put a dime into this project," Jacobs told WBEN on Wednesday morning.
"The moment the ribbon cutting happens, Pennrose development will walk away with a multi-million dollar developer fee and have no skin in the game."
The Buffalo News reported earlier this week that the project will receive a total of $197.4 million in state funding, which covers 88% of the project cost, and amounts to a subsidy of $786,000 per unit.
"It's just not the way things should be done. It's not a fiscally responsible use of precious government money that's supposed to help affordable housing. We think there's a lot of other places it could be more impactful."
Jacobs would not say if his group had received any meaningful response to their letter.
"The moment the ribbon cutting happens, Pennrose development will walk away with a multi-million dollar developer fee and have no skin in the game" - Chris Jacobs
"The moment the ribbon cutting happens, Pennrose development will walk away with a multi-million dollar developer fee and have no skin in the game" - Chris Jacobs
