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Kaleida Health Closes on Transaction for Former Millard Fillmore Gates Circle Hospital Site
Kaleida Health has officially closed on the transaction that turns the former Millard Fillmore Gates Circle Hospital over to TM Montante Development.
TM Montante Development plans a mixed use development that will feature a $28 million downtown campus of Canterbury Woods, the region's premier Continuing Care Retirement Community, as its centerpiece. In addition, TM Montante Development will invest an additional $35 million to develop a series of mixed-use facilities, including market-rate and for-sale residential options, retail and a community health and wellness center.
The proposed Canterbury Woods campus will offer a mix of independent living and assisted living apartments prominently situated on Gates Circle. The planned redevelopment of the site will also feature a number of green and sustainable design elements, including a meaningful solar component as a source of alternative energy, as well as significant green space.
Environmental remediation and site preparation is expected to start in the spring of 2014, with construction activity targeted for late 2014. The majority of development is expected to be complete by the end of 2016.
TM Montante Development is a full-service developer of commercial and residential real estate projects with eight decades of business experience. The company has developed several properties across the region, and has an established reputation for incorporating energy-conscious solutions into its development plans.
Kaleida Health has already begun the reuse process for the Women & Children's Hospital of Buffalo, which is scheduled to move to its new home at the end of 2016. A similar development rights RFP for the Bryant Street campus is expected to be released in 2014.