LOCKPORT, N.Y. (WKBW) — Lockport's long-abandoned Farmers & Mechanics Bank Building is set for a major redevelopment that would bring luxury apartments and commercial tenants to one of downtown's most prominent structures.
Developer Sam Savarino purchased the 6-story F&M Building on Main and Locust for $250,000 and plans to convert the upper five floors into residential units, while restoring the ground floor for commercial use.
"Each [upper] floor will be three good-sized apartments, with luxury appointments," Savarino said. "Two businesses, one on the ground floor of the bank and either a salon, café or bar/restaurant in the lower level."
WATCH: 'Great opportunity': Lockport's F&M Building to redevelop into luxury apartments, commercial space
In total, Savarino expects 16 apartments when the building is complete, with one on a mezzanine level.
The ground floor and basement have a long commercial history. The entirety of the space served as home to the Farmers and Mechanics Bank until the 1960s. Most recently, a bar operated out of the basement until a few years ago.
While $250,000 may seem like a low price point, Savarino said the project comes with plenty of challenges, including asbestos remediation and structural repairs, but believes the investment is worthwhile.
"It's expensive to come in here and do this work, but we felt there was a market for the best living units in Lockport," Savarino said.
He said work is expected to begin later this year, with completion targeted for the end of 2027.
"One of the big crown jewels of the ity of Lockport is the F&M building, always has been," Lockport Mayor John Lombardi said. "It's a great opportunity, a great building. I'm so happy to see that we are heading forward with this development project."
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