Representatives with 401 Central, LLC appeared at the Chautauqua County Industrial Development Agency meeting this week to discuss their proposal to turn 401-403 Central Ave., Dunkirk into a space for apartments and commercial development.

Back in February of 2023, Gov. Kathy Hochul had announced a $150,000 grant through the Regional Economic Development Council initiative for the old Lake Shore National Bank Building, which sits at the corner of Central Avenue and Fourth Street in Dunkirk.

Later, Marine Midland operated out of that location, which became HSBC, and eventually First Niagara Bank.

The bank closed in 2016 after KeyBank bought out First Niagara and operations there were consolidated to KeyBank’s East Fourth St. location in Dunkirk.

Pictured is a proposed rendering of apartments to be constructed at 401 Central Ave., Dunkirk. The building was last used as a First Niagara Bank.

Since closing, the building has fallen into disrepair.

The former bank building was among the list of projects approved by the state for Dunkirk’s Downtown Revitalization Initiative.

During Tuesday’s IDA meeting, renderings of the apartments and commercial space were shown to board members. The renderings show five apartments in the building – three on the top floor and two on the lower floor. In addition, developers have a section of the building for one or two commercial tenants.

The entire project is expected to cost $2.4 million to complete.

IDA officials said the development will create 24 construction jobs and seven full-time positions.

Dunkirk Development Director Vince DeJoy, who was at Tuesday’s meeting, said the city supports the project and the developers behind it. “They’re going to breathe some new life into that corner in downtown Dunkirk. We’re just very excited and we want to give them all of our support for this project,” he said.

The IDA Board of Directors approved a “due diligence” resolution, which allows the county IDA to explore financial assistance options. Examples include Payment In Lieu of Taxes Agreements, and sales or mortgage tax abatement. Before any final decisions are made, a public hearing must take place and then the IDA Board of Directors would vote again to give final approval.

After the meeting, one of the developers of the project said they would like to start construction in the fall and be completed by the spring or summer of 2025.