Buffalo, NY According to Legacy Development, the firm has proposed an L-shaped masonry building at 8 St. Louis Pl. The project will need several zoning variances from the city to proceed.
According to public sources, the seven attached townhouses will each have a one car garage, rooftop terrace, green roofs and/or balconies.
Wendel Architects is the project architect. If the project proceeds, construction could begin in the spring, with build-out completed in phases.
The projected cost of construction was not disclosed.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,