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.