How high could property values go near new stadium?

Orchard Park, N.Y. (WBEN) - As construction continues on the new Highmark Stadium in Orchard Park, brokers are keeping an eye on rezoning that could increase the values of property nearby. One broker even declined an offer for a property he's selling.

Mark Lascola is putting the KK Food Mart property near the current Highmark Stadium up for sale after the owner decided to divest themselves from that property and move on.

Lascola says he's had multiple inquiries and offers on both the lease and sale side. While there have been multiple offers, no decision has been made yet.

"We actually had a cash offer well above the current market value of the property, which we decided to turn down," said Lascola with WBEN.

One of the reasons Lascola turned down the offer is he's spoken with other brokers about potential property value near the stadium.

"Their suggestion was to hold on to the property for a couple of years, and the reason for that is their belief that this area is going to develop further, and if it does, and the speculative nature of value of that property would be greatly enhanced," Lascola explained.

The hope now from Lascola is the Buffalo Bills will take a page from other new NFL stadiums.

"We felt that with hopefully the rezoning that Orchard Park would be doing, as well as the Bills, we hope to further develop that area, similar to other cities," Lascola said. "As an example, in New England, they have a rather large area Patriots Way that has shops, Bass Pro, restaurants, just a great venue for fans and also people that might be going to that area for something other than football."

The new stadium along Abbott Road is expected to be completed ahead of the 2026 season.