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Pierce Arrow developers seek tax breaks for $34.5 million project

The local developers seeking to renovate the historic former Pierce Arrow Administration Building and a related warehouse in North Buffalo are now seeking tax breaks to help the $34.5 million project succeed.

Dr. Gregory F. Daniel's Nidus Development and investor Joseph Hecht plan to turn the largely vacant, 190,000-square-foot complex into apartments, a restaurant and indoor parking.

They're trying to take advantage of the growing attention and interest that the longtime former industrial neighborhood is now getting, with a host of residential and commercial projects completed or underway by several other developers.

"We are excited to be part of the Pierce Arrow project and are looking forward to restoring the grandeur of the Pierce Arrow Administration Building and making it into a beautiful addition to the resurgence of the city of Buffalo," Nidus wrote in documents filed with the Erie County Industrial Development Agency, citing the 15 years of real estate development experience that both Daniel and Hecht have.

Why fix-and-flip should be in your toolbox

RCN Capital is a private lender that provides financing to real estate investors. The company provides financing for investors looking to purchase rental properties, bridge loans, and financing for fix-and-flip purchases. Fix-and-flip loans, Tesch said, can be a powerful addition to an originator’s product arsenal.

“Fix-and-flip has been around forever, but it really didn’t gain popularity until the financial crisis,” Tesch said.

During the pre-crisis housing bubble, real estate investors could often realize a tidy profit on a property simply by holding onto it for a time.

“Folks back then were buying properties to gain an appreciation, without really doing any sort of improvements,” Tesch said. “If you look at some of the data from 2005, ’06, ’07, somewhere in the neighborhood of 60% to 70% of the single-family homes that were being bought and sold within 12 months were being financed, and there was no attempt at improvement.”

Literacy; why is it that we want to stay with modern meaning rather than return to the True meaning of a word?

Mortgage is a Greek word that means death grip.Decadent doesn't mean delicious it means Decaying.Flipping the bird means I can shoot an arrow[early France].What we say is foul[adult ]isn't when the True meaning is known and accepted.

It's just how language progresses. It would be very boring if everything stayed the same.

I've never heard 'decadent' as meaning delicious. I've heard it as meaning 'self-indulgent' or 'hedonistic', if you will.