Posted on June 25, 2019
FOR IMMEDIATE RELEASE
Contact: Sean Doyle, Executive Director
Phone: (716) 648-4145
Email: [email protected]
Hamburg Industrial Development Agency Boosts The Oaks at South Park
The Hamburg IDA approved a tax-incentive arrangement with Rane Development today lifting the project over the financial hurdle and culminating the pre-development process for the $26.7 million dollar re-use project on South Park Avenue in Hamburg.
The incentives will produce $3.8 million in local tax benefits during the incentive period and create 171 temporary construction jobs and 7 full time equivalent positions. Construction is expected to start next month.
“This is an excellent adaptive re-use of a vacant building, eliminating blight, environmental hazards and code compliance faults” said Hamburg IDA Executive Director, Sean Doyle. “Our partnership with Rane Development will finally return this parcel to productive use and complement our tax rolls. This living community will be a great addition to the growing Township.”
The multi-family development will consist of 152 apartments including 15 affordable housing units. The development will feature a large community room, gymnasium and in-ground pool among other amenities. Anticipated occupancy is December 2020.
Hamburg Development Companies is Hamburg’s lead agency for commercial real estate growth and job development. Our mission through partnership and business growth is to maximize the potential of the employment base and leverage commercial real estate investment productivity for the County, Town and School Districts.