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  • Olean,
  • NY
  • (2020)

First National Rehab

District: Nick Langworthy (R-NY23)

The First National Project will renovate the historic former headquarters of the 1915 First National Bank and an adjoining and Siegel’s Shoes buildings located in rural NY.

Investment

  • NMTC Amount: $7,000,000
  • Total Project Cost: $12,044,833

IMPACT

  • 70 FTE jobs
  • 87 construction jobs
  • Rehabilitation of a vacant or under-utilized historic structure.
  • 4,000 sq. ft. of real estate

CDEs

Investor

Project Description

The First National Project will renovate the historic former headquarters of the 1915 First National Bank and an adjoining and Siegel’s Shoes buildings located in rural NY. The project will lease space to two local organizations: the Council on Addiction Recovery Service (‘Cares”) and the Olean Gallery and provide an additional 4,000 sq. ft. of high visibility retail space. The project will also create 23 market rate housing units, 5 of which will be rent restricted, in downtown Olean, an area currently starved for quality urban housing.

External Profile

MAP

Address: 107 North Union Street, Olean, NY 14760

Census Tract: 36009961800

Missing information? Submit an update or correction.

News Stories

Governor Hochul Announces Completion of $12.5 Million First National Bank Project in Olean as Part of Downtown Revitalization Initiative

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