What’s the going rate for a malt house these days? $2.8 million if a deal completed on Friday sets the bar. Generation Development has finalized the purchase of the American Malting Company Malthouse within the Silo City complex from Rick Smith. The developer is moving forward with plans for an adaptive reuse project that will create commercial and residential space.
Silo City was built in the early 1900’s and is made up of six historic structures. The malthouse at 139 Buffalo River was built in 1906 and served as a flour mill and warehouse for the American Malting Company.
Miami-based Generation Development is planning first floor commercial space and 158 one and two-bedroom apartments on the upper floors. Carmina Wood Morris designed the project. As the American Elevator Complex is already listed on the National Register, Department of Interiors Standards for Historic Preservation will be followed as Historic Tax Credits are being pursued.
Long term, the developer plans to revitalize much of the Silo City site to create 400 apartments, office space, retail, exhibition, and gallery space.
Published by Buffalo Rising