City Considers Sale of Waterfront Land to Ciminelli at More Than 40 Percent Off

Sept. 13, 2018
A rendering of the newly redesigned West End townhouses.
A rendering of the newly redesigned West End townhouses.

Just over a month after approving plans for Ciminelli Real Estate Corp.’s West End townhome project at Waterfront Village, city officials are now considering whether to sell the developer the land it needs – but at a bargain-basement price.

At the recommendation of the Buffalo Urban Renewal Agency, the Buffalo Common Council is reviewing a request to approve the sale to the developer of 2.4 acres of prime real estate for $1.3 million. That’s a 41 percent discount from the original agreement at $2.2 million.

The deal includes a profit-sharing arrangement in which the city also would get one-third of all net revenues above $18.3 million that are generated from the sale of the 20 new townhouse units.

But to equal the $900,000 discount in the upfront price, those excess proceeds would have to reach $2.7 million, for a total of $21 million in sales value – or $1.05 million per townhouse.
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