$150,000

Prime commercial redevelopment opportunity in a high-traffic location conveniently situated between the City of Hornell and the Village of Alfred, home to Alfred State College and Alfred University. The building has been gutted and stabilized, with the compromised section removed, the basement reinforced, and the first floor structurally supported. Additional progress includes septic approval, removal of the property from the flood zone, and building plans approved by the Office of Code Enforcement and Building Inspection. The project has received strong community support, including numerous letters from government officials, senators, and local stakeholders. Restore NY Grant and ACIDA PILOT Program opportunities may be available to assist with redevelopment. An excellent opportunity to bring new life to a highly visible property in a growing corridor. Building plans and supporting documentation are available for review. Current building plans, approved by the Office of Code Enforcement and Building Inspection, include five Class D retail spaces, 14 Class D office spaces, and four apartments—two doubles and two singles. The office spaces may offer future conversion potential to apartments once municipal sewer service becomes available. Prospective buyers should independently verify the proposed sewer project, anticipated timeline, approvals, and permitted uses. The Restore NY Grant approval will reimburse up to $1 million if used to restore and develop the building (certain restrictions apply and specific guidelines must be met for full award). The Allegany County Industrial Development Agency (ACIDA) PILOT Program grants severely reduced property taxes over 28 years and no sales tax while renovating and restoring the building (agreement must be confirmed with ACIDA). The owner and agent do not guarantee the Restore NY and ACIDA Pilot program grants to prospective buyers, although they have confirmed that the Restore NY and ACIDA Pilot program grants are available to be transferred to a future property owner.