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Canadian Group Seeks Amherst IDA Aid

Friday, August 20, 2010

Business First of Buffalo - by James Fink

A Canadian real estate group that is eyeing two local projects has approached one of the final hurdles for the larger of the two developments.

Waldex Holdings LLC representatives will be meeting with the Amherst Industrial Development Agency’s directors on Aug. 27, in an effort to land an incentive package that will help finance a planned, $20.4 million senior housing complex. The project has been in Amherst’s economic development pipeline for nearly 18 months. The IDA is expected to consider a lease transaction package for the project during its Aug. 27 meeting.

“They want to move on this,” said Amherst attorney Sean Hopkins, who represents Waldex’s investors.

The group has spent most of that time garnering all the municipal approvals it needed for the project and, also, securing financing.

The project includes the construction of a pair of three-story, 100-unit senior apartments, The complex will be nearly 115,000-square-feet in scope and size.

Waldex has secured a 15.2 acre site at Transit and Miles Roads for the development.

Silvestri Architects has been retained to design the building while Kulback’s Construction will serve as the general contractor.

At the same time, the developers are working with Orchard Park officials on a 59-unit townhouse complex along Taylor Road.