The eagerly anticipated Bonaventure Square development on Route 417 in Allegany across from St. Bonaventure University has a new lead developer and firm plans for proceeding with construction.
Officials at Kinley Corporation and St. Bonaventure University announced today that Kinley has assumed the role of lead developer.
“There has been a tremendous amount of effort going on behind the scenes for Bonaventure Square,” said Jason Crisafulli, president of Kinley Corp. “This is a very complex, large, and important project for St. Bonaventure University as well as for Allegany and all surrounding communities.
“We have an excellent project and a location that is easily accessible for our communities, topped with a captive audience of about 2,500 potential and eager patrons directly across the street at the university,” he said.
The local relationship between Kinley and St. Bonaventure will give the project a fresh approach while still maintaining the goal of Bonaventure Square being a “lifestyle destination” for the school and the surrounding communities. Ross Wilson Associates of Buffalo was the originallead developer for the project.
Although the long-term plan for Bonaventure Square is the originally proposed $65 million project, a new focus breaks the project into two-phases.
According to Crisafulli, “Our approach gives the project a clear focus and a more manageable situation for getting the construction started as soon as possible.”
The project has received Department of EnvironmentalConservation (DEC) approval for all phases, which was the final planning component necessary to place the project on schedule for launching.
“Through a joint effort between the town of Allegany, village of Allegany, New York State Sen. Cathy Young, Assemblyman Joe Giglio, and representatives from St. Bonaventure and Kinley Corp., the DEC re-evaluated the project and 10 days later approved all phases of Bonaventure Square to proceed without complications,” said Brenda McGee, senior vice president for finance and administration at St. Bonaventure.
The Bonaventure Square project is on track for launch in the upcoming months. “The main focus is getting a shovel in the ground, but we are excited for the opportunity and plan to take full advantage of the momentum from the approval of the DEC,” said Crisafulli.
Kinley has retained Steve Teuscher, director of the Vineyard Group, as the lead financial manager for the Bonaventure Square project, and has been working closely with investors and lenders.
“We are very grateful for the tremendous leadership of Kinley Corp., whose commitment to this region is well-known and highly respected,” said University President Sr. Margaret Carney, O.S.F. “Their approach not only represents a solid business plan, but it also demonstrates the priority they share with the university in bringing a valuable community asset to the region.”