Could Buffalo finally see new for-sale urban townhomes? Yes, according to Dennis M. Penman, Ciminelli Real Estate Corporation’s Executive Vice President/Principal who is working with LPCiminelli, a team of architects and planners, and neighborhood residents formulating a reuse plan for the Central Park Plaza property.

An entity owned by Louis P. Ciminelli bought the 27-acre Central Park Plaza property for $800,000 last May. Located at 129 Holden Street, Central Park Plaza was once a thriving property with many commercial tenants, but as a result of the failure of its owners to maintain the site and changing demographics and shopping patterns, the tenants left and it had become a neighborhood nuisance. Its Brooklyn-based owner was ordered to sell the property under a settlement with New York Attorney General Eric Schneiderman.

John Ciminelli, Senior Vice President at LPCiminelli, is overseeing the redevelopment effort which began in earnest last summer with the entire demolition of the existing buildings. Since that time, Ciminelli has been leading a major urban planning and community outreach effort to determine the best redevelopment plan going forward.

“The neighborhood participation in our planning process has been overwhelmingly positive,” says John Ciminelli. “We are looking forward to creating a project that the city and all of the residents of the Fillmore-Leroy neighborhood will be proud of.”

The site is surrounded on all sides by residences and apartments. With several schools located in close proximity to Central Park Plaza, the area is heavily trafficked by neighborhood adults and children. It is also located just east of the Amherst Street light rail station, an asset the new owner plans to take advantage of.

At the time of purchase, Louis Ciminelli, who is also President & CEO of LPCiminelli, the region’s largest construction company said, “I have great affinity for the Central Park neighborhood. The history of our company began there 50 years ago and we moved our corporate headquarters back in 2009.”

“The driving force behind this project is Louis,” says Penman. “It was Louis’ vision to make it happen.”

Shortly after purchase, five buildings, approximately 275,000 square feet, were demolished at cost of $1.2 million.

Construction crews will soon be remediating the site while planners are working on reuse options for the property.

LPCiminelli is leading a team consisting of Ciminelli Real Estate Corporation, Stieglitz Snyder Architecture, Wendel, and Boston-based planning firm Goody Clancy to work on the project. The team has had a number of meetings with neighborhood residents and stakeholders to seek feedback on designs, use, and layout options.

Penman says Central Park Plaza’s reuse will be a transit-oriented development, very much like Ciminelli Real Estate’s Bethune Lofts project on Main Street.

“We see Bethune as workforce housing for the medical campus,” says Penman. “One of the missing pieces at the medical campus is housing. Bethune is nearly across the street from the LaSalle light rail station.”

Since opening in August, over half of Bethune’s 87 upscale lofts have been leased.

The Central Park Plaza property has the potential to hold from 350 to 450 housing units. Penman says a variety of housing options are planned along with commercial and supporting retail space.

The planning work extends beyond Central Park Plaza however. LPCiminelli is working with the City to leverage its planned $40 million investment in the site to improvements in the Fillmore/LeRoy neighborhood. There are between 200 and 300 infill lots available on surrounding blocks where additional multi-family and home ownership opportunities are possible. With the City’s blessing, the master plan being prepared will be a neighborhood and a Central Park Plaza plan.

“To have 27 acres in the middle of the city just steps from a light rail station is a huge opportunity to create something special,” says Penman. “It will be a brand new, walkable community that ties into the surrounding neighborhood.”

Get Connected: Ciminelli Real Estate Corporation, 716.631.8000