Termini takes option to buy parking lot

February 2, 2012 Updated Feb 2, 2012 at 8:43 AM EDT

By WKBW News
By Business First by James Fink, Buffalo Business First Reporter

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February 2, 2012 Updated Feb 2, 2012 at 8:43 AM EDT

Rocco Termini, developer, Signature Development: Termini was part of the Buffalo development trend to restore older and often historic buildings. He is responsible for several hundred people moving back to the downtown core. His latest project is the redevelopment of the Hotel Lafayette.

Since opening the Ellicott Lofts more than eight years ago, developer Rocco Termini has used a Buffalo-owned parking lot next to the apartment/office building for his tenants.

Now, Termini officially owns the Ellicott Street lot he has been leasing from the Buffalo Urban Renewal Agency.

According to documents filed in the Erie County Clerk's office, Termini - through his Ellicott Lofts III LLC affiliate - paid $100,000 for the lot, which had been owned by BURA.

"We just exercised a long-standing option," Termini said.

The deal comes as Buffalo officials are winding down BURA and folding most of its economic and neighborhood development-based functions into the Buffalo Urban Development Corp. That transition is underway.

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