401 Central Avenue, Dunkirk
The Chautauqua County Industrial Development Agency Board has approved more than $950,000 in tax incentives toward a bank building renovation project in the city of Dunkirk.
The project by 401 Central LLC involves the acquisition and renovation of the former Lake Shore National Bank Building at 401-403 Central Avenue into five market rate apartments and 1,800 to 2,800 square feet of commercial space.
Peak Development Partners Founder and President Lee Crewson informed the board that the company recently closed on the building and have already replaced the roof so as to avoid further building deterioration.
The project cost is $2.4 million with the project already having been awarded $900,000 in Downtown Revitalization Initiative funds. The IDA is providing sales tax, mortgage recording tax, and property tax abatements for over 15 years.
The project is projected to create 24 construction jobs and seven full time jobs. The project is expected to be completed by September 2025.
Also at Tuesday’s IDA board meeting, CEO Mark Geise announced that board member Steven Thorpe resigned after the July meeting due to retiring. Thorpe was the union representative on the board and had served since 2018. He was the business representative for Sheetmetal Workers Local #112 and the President of the Southwestern New York Building and Trades Council.
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