BUFFALO, N.Y. (WIVB) — Answers could come soon on the unfinished construction site down at Canalside.
Construction on the Heritage Point Development Project came to a halt nearly a year ago after developer Sinatra & Company said a big lender of theirs pulled out.
After breaking ground in 2021, the $40 million project at Canalside is currently at a standstill.
Recently, Sinatra asked for an additional $4 million in state funding to help finish it. Buffalo Common Councilmember Mitch Nowakowski said he believes the state could penny up soon.
“I have been told and confirmed and reassured that the funding that will basically be filling in the gaps will be secured within a few weeks and that the project will get up and running next construction season,” Nowakowski said.
Nick Sinatra, the founder and CEO of Sinatra & Company Real Estate, said a big jump in both labor and materials costs and their initial lender going out of business were reasons for the incomplete work.
He previously said his company has invested over $12 million in equity and the project has already spent $18.8 million.
“We need this project to succeed, and I certainly have been critical of the delays from the developer, and I met with them and done my due diligence with them to not only help them to get to where they need to go, but also make sure that the conversations between the state and the developer happen,” Nowakowski said.
The conversations between the state and developer have led Sinatra to ask for a $4 million loan from New York State, which they said is “critical” for project completion.
Nowakowski said currently, nothing official has come from the loan request, but wants it to happen.
“Yes, I am critical and apprehensive of yes, the state giving more resources,” Nowakowski said. “But the fact is, if they’re just asking for a loan that will be repaid, that’s a lot different than just a grant that won’t be paid. We must get the project done, we cannot look at a stalled project at Canalside any longer.”
The two multi-use buildings, once completed, are intended for housing retail, restaurants and office space.
“The project not being done cost the taxpayers even more by leaving a vacant and blighted site, especially when we are seeing a hemorrhage of people living in our urban core,” Nowakowski said. “We need to bring a residential use to Canalside and we as a community cannot afford any more for any more delays.”
During a recent meeting with state development authorities, Erie County Executive Mark Poloncarz spoke out against additional funding for the project and was critical of Sinatra’s decision making.
WIVB News 4 asked Poloncarz about those comments Tuesday and he grew angry, declining to speak on camera, saying he made comments during a meeting and refused to repeat or explain them in more detail.
Nowakowski hopes construction can resume on the project this spring.
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Dillon Morello is a reporter from Pittsburgh who has been part of the News 4 team since September of 2023. See more of his work here and follow him on Twitter.
(Except for the headline, this story has not been edited by PostX News and is published from a syndicated feed.)
