BUFFALO, N.Y. (WIVB) – An auction that will be held inside One Seneca Tower Thursday afternoon will mark a major step forward in the process to redevelop the complex.
The five story parking ramp next to Buffalo’s only skyscraper will go to the highest bidder, the final step in a years-long foreclosure process for the tower complex.
The tower itself was sold at auction last fall, and in February, the owners asked for the first round of offers as they moved forward with plans to sell it.
Right now, the tower is mostly empty, and the few renters that are in the more than 850,000 square feet of available rentable office space are all on short term leases, under the terms laid out by the court during the foreclosure process.
Richard Schechter, senior executive advisor for Pyramid Brokerage Company, who is in charge of selling the tower, told News 4 there’s a lot of potential for the future of the building.
He said between the large parking garage under the tower and the parking ramp that’s going up for auction Thursday afternoon, there is plenty of parking available for any redevelopment use for the tower.
“My role is specifically to sell it, but from a Western New York citizen standpoint, certainly, I’d like to see the future buyer redevelop the property,” said Schechter, who was has been the court appointed receiver for the property for the last two and a half years. “Whether it’s into a mixed use, meaning it’s a combination of residential, office, potentially retail, potentially hotel, that would be a nice addition to the Buffalo landscape in that area.”
The first bids for the tower were due in the last week of February, but Schechter said then that the sellers may open the sale up to a second round.
Depending on what happens with the sale of the parking ramp next to the tower, that could make the tower more desirable for a developer.
The auction for the parking ramp will be held inside the tower at 2 p.m. Thursday.