A Trico Plant Redevelopment Project in downtown Buffalo will resume this fall. According to the developer, Krog Corp this project was paused at the earliest period of the COVID pandemic and since then the construction costs have skyrocketed from $82 million to $105 million due to a rise in supply chain costs. The redevelopment of this 10 story structure is being partly financed through $6.2 million in brownfield tax credits; $16.3 million in historic tax credits; IDA incentives and property tax breaks from the state. But the developers still have a long way to go in terms of funding.
Peter Krog, the CEO of Krog Corp, was quite optimistic about the success of the Trico Plant Redevelopment Project. Krog said, “This has been one of the most difficult projects I’ve ever been involved with, but I am determined to see it through. I still think it is a great project.”
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Trico Plant Redevelopment Project bringing mixed-use development to Buffalo
The Trico Plant Redevelopment Project is intended to transform the 500,000-square-foot, former windshield wiper plant located at 791 Washington St., into a mixed-use development, consisting of commercial and residential areas. The Buffalo Mayor Bryon W. Brown had also praised the project earlier, stating that this development would support a highly visible site near the Kensington Expressway, which encompasses the Medical Campus and downtown Buffalo, as well as the edges of the East and West sides of the city.
The developer’s initial plans for the Trico Plant Redevelopment Project, prior to the pandemic included a hotel; apartments targeted at workers and students; commercial and retail spaces; and a hospitality school. But at the moment, effects of the pandemic have caused a change in the development plans. The focus of this redevelopment project is now directed more towards building the 134 apartments, than on the development of the 100,000-square-feet of commercial space. This project has been scheduled for completion by mid-2023 and the developers are hoping to include a fitness center and restaurant as well.
