Jamestown City Council has approved moving forward with a $2 million Restore New York application to redevelop the Furniture Mart Building.
Director of Development Crystal Surdyk said they increased the request amount to $2 million because that’s the limit. The original Restore New York Application approved in September 2022 only requested $500,000 in grant funding.
Gebbie Foundation Executive Director Greg Edwards said the redevelopment project is estimated to cost over $18 million. He said if the investment happens, it will have a dramatic impact on the city, “Right now, it’s projected to be high-end residential, plus some modest level residential, hotel property in the middle of the structure… it’s nine floors… in the first and second floors, maybe the third floor, and maybe commercial retail.”
Edwards said they’re also working with the developer to add more parking, “We’re working really hard in partnership with the city to convince the developer to also add a multi-level parking structure adjacent to and attached to the Furniture Mart building to enhance its positive impact on the city. Because, clearly we need substantial growth in our parking capacity.”
Edwards said other funding in place includes a $1.34 million Empire State Development grant.
Savarino Companies of Buffalo is in negotiations with the current owner, Art Bailey, to purchase the 172,217 square foot building.
A public hearing on the Restore New York application will be held today at 5:30 p.m. in the City Council Chambers on the second floor of City Hall. It is open to the public and will be livestreamed on jamestownny.gov.