The $34.5 million project to turn the former Pierce-Arrow headquarters and warehouse on Elmwood Avenue into 107 loft apartments has been granted $1.2 million in tax breaks by the Erie County Industrial Development Agency.
The developers – Dr. Gregory F. Daniel’s Nidus Development and investor Joseph Hecht – plan to turn the largely vacant, 190,000-square-foot complex into apartments that rent for $950 to $1,600 a month.
“This is a fantastic example of a very progressive adaptive reuse project,” said Marc Romanowski, an attorney representing the developers.
“It’s stabilizing an icon,” Romanowski said. “The developers have passion for this building.”
The apartments will feature geothermal heating that will hold down utility costs. About 30 percent of the apartments will have rents that are considered to be affordable for people earning 20 percent less than the region’s median income.