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ECIDA seeks 150+ new manufacturing jobs at former Bethlehem Steel site
The Erie County Industrial Development Agency is seeking a developer to bring new manufacturing jobs to Renaissance Commerce Park at the former Bethlehem Steel site in Lackawanna.<\p> The ECIDA on Monday issued a request for proposals from developers that want to purchase two adjacent parcels west of Dona Street, totaling more than 23 acres.<\p>
Why Amazon's recent moves bode well for a cooling CRE market
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals. We'll take a look today at a bankruptcy health care system's hospital sale; a $3.3B investment from Microsoft that will help establish an artificial intelligence hub; and what you need to know about upcoming changes to overtime rules. But we'll start with the dynamics in this once-hot commercial real estate subsector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Higher-for-longer rate environment means more uncertainty for CRE
Commercial real estate investors, owners and occupiers all have been monitoring whether the Federal Reserve will impose interest-rate cuts in 2024 after rapidly rising rates have substantially increased the cost of doing business.<\p> Earlier this month, the Fed signaled it needed to see more progress toward its inflation target of 2% and decided to maintain its key lending rate. At that meeting, Fed Chairman Jerome Powell said gaining greater confidence around inflation "will take longer than previously expected," although he also said he felt inflation would move back down in 2024.<\p>
Outlet mall's owner gets more time to pay $84.37M loan balance
The owner of the Fashion Outlets of Niagara Falls has secured an extension on its $84.37 million loan balance — about five months after the loan was due.<\p> The commercial mortgage-backed securities loan, which was originated in October 2010 by lender GACC, is held in a portfolio of similar property mortgages that have been sold off in shares – or CMBS – to investors.<\p>
Restaurant coming to former World of Beer spot at Walden Galleria
A Batavia Mexican restaurant owner is planning another expansion into the Buffalo market, with plans to open at the Walden Galleria. <\p> Señor Leon Mexican Restaurant will take space at the former World of Beer location, which closed at the Galleria in early 2021 after a seven-year run.<\p>
Recent DEA decision will have repercussions for local weed businesses
The U.S. Drug Enforcement Administration recently decided to reclassify marijuana as a less restrictive drug, which could mean tax reductions for local cannabis companies. <\p> The DEA announced last month that it will move weed from a Schedule I substance, like heroin, to a less restrictive Schedule III, like ketamine. <\p>
Rite Aid closures create opportunities for other Buffalo-area retailer
Sitting roadside in front of Brighton Eggert Pharmacy Inc. in Tonawanda is a large sign that reads: "Welcome Rite Aid patients. Try our family owned pharmacy."<\p> Nearby in Tonawanda, a board at the Walgreens at the corner of Sheridan Drive and Parker Boulevard greets customers with: "Welcome Rite Aid pharmacy #1910 customers." <\p>
Entrepreneur went from angel investor to startup CEO
Though he planned on going to law school as a young adult, George Chamoun’s end-game was always to be an entrepreneur.<\p> So when the opportunity came up to co-found a business during his last year of undergrad, he took the leap.<\p>
Gen Z's latest college grads have a new rival in the workforce
As new college graduates enter the workforce, they are facing some new competition for jobs: artificial intelligence. Given ChatGPT and other AI tools' ability to complete tasks such as research, data entry and email writing, some entry-level roles...
Colorado investor pays $3.2M for Tonawanda FedEx facility
The $3.18 million purchase of a FedEx facility in Tonawanda is something of a homecoming for Colorado investor Michael Ervolina. He's a native Western New Yorker who's now the managing principal of Ervosquare, a Denver-based commercial real estate firm....
Jemal lays out $4.2M plan to transform Main Street block
Douglas Jemal has detailed his plans for new apartments and facade renovations in several buildings on the 500 block of Main Street. In a series of applications reviewed this week by the Buffalo preservation board, Douglas Development described a combined...
Chrusciki Bakery consolidates operations into 1 site, closing another
Chrusciki Bakery has closed its Lancaster location and consolidated business and staff into its Clarence facility. The company had operated a small retail site inside a 3,500-square-foot leased space at 80 W. Drullard Ave. for the past 14 years, where...
New operator takes over management of Hotel at the Lafayette
The hotels division of Ellicott Development has taken over operation of The Hotel at the Lafayette, effective in early May. Hotel at the Lafayette Trademark Collection by Wyndham joins 11 local properties in the Ellicott Hotels portfolio, including...
Local company repeats as top insurance agency in Buffalo
For the second year in a row, Lawley Insurance is No. 1 on the annual Insurance Companies List. The list is ranked by Western New York premium volume in 2023. Lawley, which employs more than 400 locally, reported just under $779 million, an increase...
New events, new beverage lines: Wineries adapt to survive in 2024
With age comes wisdom, and that’s certainly true among wineries on the Niagara Wine Trail, where operating models have changed as businesses mature. Adapting is key to survival: The past two decades have seen at least four closures — Warm Lake Estate...
Insurance Agencies in Buffalo 2024
Rank Name/ prior (*new or not ranked)/ URL WNY premium Total premium Products offered Top local executive(s) 1 Lawley Insurance, 361 Delaware Ave., Buffalo, NY 14202, 716-849-8618, lawleyinsurance.com 778939000 1140006000 Commercial, personal, employee...
Largest Buffalo General Contractors 2024
Ranked by local gross billings Rank Name/ prior (*new or not ranked)/ URL Gross local billing Notable projects Top local executive 1 Turner Construction Co., 50 Lakefront Blvd., Suite 320, Buffalo, NY 14202, 716-853-1900, turnerconstruction.com 245000000 NA Steven...
Hospital is first in WNY to offer noninvasive prostate cancer therapy
Buffalo-area hospitals can lay claim to a series of innovations over the last 50 years, ranging from developments that led to the first tests for prostate cancer to new methods for treating blood clots and stroke. Today, the region’s physician researchers...
Here's how the region's largest hotel stays on top of its game
It’s been just over five years since Seneca Gaming Corp. sank $40 million into a new arrival experience at the Seneca Niagara Resort & Casino in Niagara Falls. The project included renovations to the hotel lobby, moving the registration desk and lobby...
50-year old local business reveals its key to longevity
Back in the 1990s, Pool Mart would have a line 30-people deep on the Fourth of July to get their propane tanks filled. “We filled propane tanks before anyone really did it,” said Ryan Dunn, Pool Mart general manager. “We were one of the only ones....
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