Update on Heritage Point at Canalside Project

By Nick Sinatra, Founder & CEO of Sinatra & Company Real Estate

The Heritage Point project in Buffalo, NY represents more than just a mixed-use development; it's a cornerstone of revitalization for our city's historic waterfront. As a native of Buffalo, I've always been deeply committed to the revitalization and success of our downtown community. Alongside Heritage Point, Sinatra & Co. has spearheaded over $100M in transformative projects underscoring our dedication to Buffalo's growth and prosperity. Overcoming many challenges that development projects across the country have been experiencing, I am proud to share that Heritage Point is back on track and closer than ever to becoming a reality.

A Project With Purpose

Heritage Point, located at Canalside, is the first major residential project in this area. Spanning 103,000 square feet across two buildings, it will feature 57 residential units, 10% of which are designated affordable housing, as well as over 27,000 square feet of commercial space. Upon completion, it will house Sinatra & Co.'s headquarters, alongside retail and restaurant spaces.

Heritage Point promises to bring jobs, housing, and new economic opportunities to Buffalo, serving as a catalyst for further development.

Navigating Challenges

The journey to deliver Heritage Point has been anything but straightforward. Like many developers across the nation, we've faced unrelenting increases in construction costs, interest rate spikes, and labor shortages. The pandemic amplified these challenges, nearly doubling the project's original budget. Compounding this were unique engineering hurdles tied to the site's geologic and hydrologic conditions.

Despite these obstacles, our commitment has never wavered. To date, Sinatra & Co. and its partners have invested over $12 million in equity, with $18.8 million already spent on the project. We have worked tirelessly to identify solutions, including securing additional financial support from the State and private partners. Most recently, Empire State Development doubled its incentive commitment to $8 million, a critical step that allows us to move forward.

With new funding in place and a clear path forward, construction is scheduled to remobilize in April 2025. Completion is projected for May 2026, at which point Heritage Point will deliver on its promise of creating a vibrant and inclusive space that Buffalo residents can be proud of.