Lockport Union-Sun & Journal Online

Local News

October 12, 2012

Yahoo! deal is OK'd

(Continued)

Lockport Union-Sun & Journal — McGuire Development, R&P Oak Hill Development and Wendel Cos. originally submitted their bids to develop the Lockport Business Park incubator building in May. As part of the agreement, the IDA offered to sell McGuire Development the property at the reduced rate of $5,000 per acre; undeveloped land in the Industrial Park lists for $25,000 per acre.

The IDA said McGuire Development will construct a first-phase building of at least 10,000 square-feet of flexible space and loading docks with overhead doors. The building will be designed to enable the developer to expand it modularly to accommodate tenant interest.

The contract with McGuire Development also provides the option for McGuire to purchase an additional 2 acres for a second phase project. Upon successful completion of both projects, McGuire further has the ability to purchase another parcel of approximately 2 acres for the same purposes.

All of the parcels purchased and under option to McGuire are located on the south side of Enterprise Drive, between IDA Park Drive and Junction Road.

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