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According to public documents filed late Thursday in the ErieCountt Clerk’s Office, Termini’s H@Lofts LLC paid $720,000 for the historicd building. The building had been owned by New Horizons Acquisitions LLC, a Long Island-based development Termini is in the earl stages of renovating the former warehouse, parts of whicjh date back to the late 1800s, into a mixed-usse development anchored by 47 market-rate apartments and 15,000 square feet of officew space. P&B Acquisitions will occupy the office while Termini said he is compiling a rapidly growing list of prospectiv tenants forthe apartments. Termini will be investing morethan $11 milliomn in the project.
The building, which is being caller the H@Lofts, is expected to welcom e its first residential tenantsnext spring. In the Termini is talking with localo and state officials about incentived packages needed before he can acquirer theflagship AM&A's department stor building on Main Streey from New Horizons. Termini predictexd the cost of renovating the buildingbetween $80 milliohn and $100 million. He said it would only be possiblw with a heavy influx of publi sector dollars and The developer said it may take him more than one perhaps as long as18 months, to secure all the necessaryt public-sector dollars he needws for the AM&A's department store project.
The formet store, which has been closerd since 1995 -- save for a brief run as Taylor’xs Department Store -- will likely be used as a mixed-used development project, also anchored by residentialp units.
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