10/13/2011Posted by MJ
The Buffalo News reported that David Ulrich is planning on selling the Ulrich City Center.
David L. Ulrich said Wednesday he intends to sell Ulrich City Centre, the downtown commercial area where Lockport’s Friday night summer concerts are held.
The apparent buyer is Timothy Gelder of East Amherst, an executive at Barden&Robeson Corp., the Middleport prefabricated housing manufacturer.
Ulrich said the deal is not yet complete. However, the Niagara County Industrial Development Agency on Wednesday transferred the tax break on the complex, which lasts through 2021, to 175 Walnut St. LLC, a holding company created by Gelder.
Ulrich said the 30,000-square-foot complex, which hosts a mix of restaurants, stores and professional offices, has not been profitable since it opened in 2005.
It was built on the South Block, a site on Main Street that had been vacant for more than 30 years, since the former businesses there were demolished under the federal urban renewal program....
I know headlines are supposed to grab readers but the "unprofitable" in the headline rubs me the wrong way. Ulrich may have not made much on it but if someone is willing to buy it there has to be a long term vision of profit.
The site itself is the closest example of great urban site development in WNY. Street side facades and parking in the rear are wonderful. The lack of front door use and no upper floors (residential etc) are some of the misses. But even today, what sits there is way beyond what I would have imagined when surveying the empty south block that existed when I fist moved here in 2003.
I wish the best of luck to the next owner.The Larkin building (and now district) in Buffalo show that anything is possible with committed owners with unique visions.