Land proposed for Bonaventure Square sold to local bank

By Julia Mericle

After more than 10 years and many different design concepts, St. Bonaventure University no longer owns all of the former Castle Inn site.

Bonaventure recently announced that a 10-acre lot on Route 417 in Allegany, N.Y., former proposed site of Bonaventure Square, is being sold to Community Bank System, Inc.. A new loan operations center will be constructed at the location.

The land has undergone a multitude of plans, most of which have never reached fruition. The property was purchased in increments during the years 2001-2003 by the then-university president, Robert Wickenheiser, for prices ranging from $70,000 to $100,000 per acre. The initial intention was to build student townhouses with the space.

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Construction of Bonaventure Square to begin in the spring of 2013

By Maggie Kiernan, Staff Writer, @maggzkay

ST. BONAVENTURE, N.Y. (Oct. 16)—The highly awaited development of Bonaventure Square will begin construction, led by developer Kinley Corporation, in the spring of 2013.

“They [Kinley Corporation] are a well-established and highly respected company, and we are very pleased to partner with them as they transition from the contractor role they have been in with the project for the last couple of years to the role of lead developer,” said Brenda L. McGee, senior vice president for finance and administration at St. Bonaventure University.

Located on Route 417 in Allegany, Bonaventure Square is across from the east entrance to the university. The approximated $65 million project spans over 18 acres of land on the previous site of the Castle Inn.

Although costing approximately $65 million to construct, McGee made it clear that the funds would not come from student tuition.

“The university is the landowner,” said McGee. “However, the university will not be paying from any sources, including tuition, for the development. The costs will be borne totally by the developer, investors and tenants.”

The five major components of the project are a larger and more complex project than has been developed previously in Allegany. Therefore, the municipal and regulatory approvals as well as the project financing have taken longer than originally anticipated.

Phase 1 of the project, including a hotel, a retail center and an entertainment complex, is completely approved and will kick off the start of the project.

McGee said Kinley Coporation is working to complete tenant leases and arrange financing so that construction can start as soon as possible.

Kinley Corporation was founded and remains headquartered in Olean, N.Y. Started in 1909 as a family-owned business in Western New York, Kinley Corporation specializes in commercial as well as residential projects.

Dr. Michael Fischer, provost and vice president for academic affairs and Dr. Emily Sinsabaugh, vice president of university relations, could not comment on Bonaventure Square.