The First National Bank’s transformation preserves this historic architectural anchor on Olean’s main street, while adding new residential, commercial and creative spaces that will boost the city’s quality of life, for residents and newcomers alike.” Union Street.Ī downtown revitalization and rehabilitation fund was also established to encourage and support investment in downtown properties.Įmpire State Development President, CEO & Commissioner Hope Knight said, “ Governor Hochul’s Downtown Revitalization Initiative projects are strengthening city centers throughout the state. Other projects that were awarded DRI funding include the Old Library Restaurant & Inn, Four Mile Brewing, the African American Center for Cultural Development and the renovation of historic row buildings at 319 and 321 N. In addition to the First National Bank project, the City of Olean received $5.45 million through the DRI for five public works projects including the North Union Streetscape Improvements and improvements to South Union Street, West State Street, East State Street and Oak Hill Park. The completion of the First National Bank project puts the City of Olean one step closer to achieving its vision of creating a vibrant downtown community brimming with opportunities for residents and visitors to work, learn and thrive.” Rodriguez said, “ Growth in the City of Olean is well underway, as key projects through the Downtown Revitalization Initiative continue to strengthen the sense of community and improve quality of life for residents, while also attracting new businesses that are spurring economic development. New York State Secretary of State Robert J. The restoration project was contingent on the completion of building stabilization.Ī $500,000 NYS Parks grant from the Environmental Protection Fund was awarded to the Olean Urban Renewal Agency for building stabilization in Round 7 of the Regional Economic Development Fund, and $200,000 from Empire State Development was awarded to the City of Olean in Round 1. The First National Bank Project received $2 million from the DRI, as well as state and federal historic preservation tax credits, federal New Markets Tax Credits and bank and HCR loans totaling more than $4 million. The City of Olean was named a Downtown Revitalization Initiative (DRI) round 2 winner in August 2017. Olean was very fortunate to receive the Downtown Revitalization Initiative it has definitely helped our downtown become inviting, attractive and full of life.” I would also like to thank Governor Hochul for her commitment to our community. I would like to thank the Olean Urban Renewal Agency for having the foresight to preserve and stabilize the building and for Sam Savarino for undertaking this venture and investing in our community. Interior before restoration.City of Olean Mayor William Aiello said, “ The First National has been vacant for close to three decades, it has endured many starts but no finishes until the Savarino Companies took possession in November of 2020 and finally brought some light and life to this corner. The Olean Urban Renewal Agency took title to the property in 2010. The architecturally significant edifice at the corner of Union and State Streets has been vacant ever since. of New York City, who occupied it until 1994. The two-tone, brick-and-stone edifice, erected in 1915, was home to the First National Bank of Olean for 57 years, until that bank was acquired in 1972 by Manufacturers Hanover Corp. The building’s remaining storefront commercial spaces are completed and move-in ready for other tenants who may take advantage of the visible street front space.įirst National also has 21 apartments on floors two through 7, including one studio, five one-bedrooms, 14 two-bedrooms and one three-bedroom. The first new tenant was Casa-Trinity, which provides peer-based counseling and recovery services for those suffering from alcohol and substance addictions. The Gallery at Olean is First National’s largest and most visible tenant. “ This historically significant, mixed-use building, which was vacant for nearly 30 years before we tackled its restoration, brings a vibrancy to Olean that will contribute to the city’s goals for a walkable, thriving downtown,” she added. “ The ribbon cutting for the First National project marks a long-awaited milestone in the redevelopment of Olean’s Central Business District,” Governor Kathy Hochul said.
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