The idea of condos or apartments in the HSBC tower is an intriguing one.
Can better views be found anywhere in Western New York?
HSBC Bank USA is expected to move out of the tower when its lease expires next October. The bank has made no formal announcement, but it appears to be a done deal. Bank President and CEO Irene Dorner reportedly discussed the move in a recent senior management meeting. The bank has space in its nearby Atrium and its mortgage facility in Depew, so a move seems logical.
The law firm Phillips Lytle, the second largest tenant in the tower, is moving at the same time to its
new offices in the former Donovan Building being completely rebuilt next door.
So the question of what becomes of the 38-story tower becomes more pressing. Stephen Fitzmaurice, president of Seneca One, the tower's owner, hinted that residential development, while more expensive, could be an option.
The building is facing a $75 million balloon mortgage payment in January 2015, so bankruptcy is a possibility. A trip through bankruptcy court, a conversion of some space to apartments/condos and downtown has another premium residential option. Interesting...
Other recently announced downtown housing projects include:
- Grove Potter
