Ellicott Station update: Savarino Companies to file funding application with HCR on Friday
Savarino Companies of Buffalo, developer of the mixed-use Ellicott Station project that has been in the works for three and a half years, reportedly will be filing an application for residential funding with the New York State Homes and Community Renewal agency on Friday.
“The application deadline is Friday and we’ve been told that one will be filed for the 55 units,” Pier Cipollone, president of the Batavia Development Corporation, said at this morning’s BDC meeting. “They (apartments) are geared toward a mixed-use workforce with a $30,000 to $40,000 salary range for tenants.”
Cipollone said that a decision by HCR on the funding hopefully will come in April or May of next year.
The total cost of the residential part of the project is expected to be around $18 million, Cipollone said, but he noted that the BDC is "not privy to how much Savarino will be asking for in the HCR application."
Cost of the complete Ellicott Station project, which includes apartments, commercial office space and the Resurgence Brewing Company business, is estimated at $22.7 million.
“We’ve been waiting a long time to get a shovel in the ground,” Cipollone said. “We’ve asked Sam (Savarino) to knock down a garage on the (former Santy’s Tire Sales and Soccio & Della Penna property on Ellicott Street) to start the process.”
Cipollone said once the garage is down, officials can proceed with rezoning the property into three lots -- separating the residential from the commercial per HCR requirements.
He noted that Savarino bought the property from the BDC for $60,000, and still owes all but a $5,000 down payment.
Cipollone also announced that he will be stepping down as president at year’s end due to commitments as an IT consultant. He said he will be speaking with Vice President Wesley Bedford about the pending vacancy.
In other developments:
-- Batavia City Manager Martin Moore said that Theatre 56 has signed a lease with the City, setting the stage for the design phase of the Downtown Revitalization Initiative project and necessary construction.
-- BDC Executive Director Andrew Maguire reviewed the 2020-21 budget that shows revenues of $110,000 (from the City) and $5,721 (referral fee from Genesee County Economic Development Center) and primary expenses of $65,000 (salary), $35,000 (professional services contracts) and $4,000 (marketing and public relations).
-- The board approved the 2020 meeting schedule, which sets the meeting time and date at 8:30 a.m. on the fourth Thursday of the month at City Hall second floor.