By Jann Wiswall
Sprague Development Corporation has finalized its purchase of the 21-plus acre, 100,000+ square-foot, former K-Mart site at 3864 Route 417 in Allegany. The property will be known as Allegany Square.
Kody Sprague, president of the firm that developed both Ellicottville Square and Washington Square (Coffee Culture) in Ellicottville, says he is looking at transforming the dilapidated property off I-86 for mixed-use development.
“The first tasks are to immediately replace the roof, make some structural improvements and redo the façade,” said Sprague.
Parking areas and frontage will be improved with curbing, landscaping and attractive signage after all utilities are in place. Interior spaces will be built out to suit tenants as spaces are leased. And Sprague will actively seek businesses for out-parcel leasing, which he says are ‘going to be key to the project.’”
Sprague has the enthusiastic support of the Cattaraugus County Industrial Development Agency, which approved his application for tax relief for the estimated $3 million-plus project under its Adaptive Reuse policy in July.
CCIDA board member Joseph Higgins, a resident of Allegany, said at that time that the community wants to see something done with the location just off Exit 24 on I-86, which is considered to be an eyesore at the “Gateway to St. Bonaventure University” and the Town and Village of Allegany.
CCIDA Executive Director Corey Wiktor noted that the property, which has been “largely vacant for 15-20 years,” is strategic not only for Allegany but for the entire region, and that the project is a long-term one that could have a long-term impact on the community.
Since that IDA meeting, Sprague has met with the Allegany Planning Board, Allegany Town Supervisor John Hare and the town’s code enforcement officer and notes the “tremendous amount of support for what I want to do,” he said. “I really felt that I was a part of a team that is committed to seeing this project be successful.”
Sprague has begun the tenant search and says he will be approaching owners of large and small retail businesses and restaurants, companies looking for office space as well as manufacturing companies.
“There are some great New York State tax credits for manufacturing companies, as well as offices,” he noted, “and with the amount of square footage available, I can easily accommodate most anything as long as it meets with the planning board’s approval.”