American Lofts at Silo City ranks among Buffalo’s most ambitious adaptive reuse efforts, transforming a long‑vacant grain processing complex into a residential anchor along the city’s industrial waterfront.
The $65 million redevelopment required addressing the severe structural deterioration, obsolete building systems and overcoming a complex financing environment, ultimately closing by virtue of a multi-layered public‑private capital stack that included federal and state historic tax credits, brownfield incentives and private equity.
Rather than shying away from the site’s industrial past, the development team leaned into it. Designs by Carmina Wood Design, working with M/E Engineering and Studio T3, preserved many of the original structural systems, soaring interior volumes and exposed industrial materials. The approach resulted in apartments that reflect both the scale of the former grain facility and its place within Buffalo’s working waterfront.
Leasing began in phases in July 2025 at the property, which was pitched as not just housing but as a lifestyle rooted in Buffalo’s industrial heritage. The property reached full occupancy by December, underscoring local demand for differentiated housing and validating Silo City as a viable residential district despite its unconventional structures and location.
About the project: Developed by Generation Development and owned by Colby Development, the 168‑unit multifamily project includes a mix of studios through four‑bedroom apartments, including 24 two‑story loft units. Partially based on its leasing success, the redevelopment property sold for $32.3 million, or about $318 per square foot, in September 2025, according to CoStar data.
The project’s impact has extended beyond the building itself. The introduction of full‑time residents increased daily activity along the Buffalo River, reduced development risk for nearby properties and helped shift perceptions of Silo City from an industrial remnant to an emerging mixed‑use neighborhood. In recognition of its success in pairing historic preservation with contemporary housing needs and setting a new benchmark for large‑scale adaptive reuse in the Buffalo market, the American Lofts project earned a 2026 CoStar Impact Award as redevelopment of the year, as judged by real estate professionals familiar with the market.
What the judges said: “This is a great example of preserving architecture and leaning into Buffalo's history while being a catalyst for adaptive reuse,” said Margaret Tuerk, director of leasing at Iskalo Development Corp. "The innovation and creativity involved in the adaptive reuse of the grain elevator structure, as well as creating residential density in proximity to other key investment areas such as the downtown waterfront, make this project worthy of recognition,” added Brandye Merriweather, president of downtown development at the Buffalo Urban Development Corp.
“It truly is a transformative redevelopment project for the city and the region. The complex capital stack, along with the reuse of the building in Silo City, makes this a great project,” said Matthew Roland, assistant dean of the real estate development program at the University at Buffalo School of Architecture and Planning. “It is important to revitalize those deteriorating buildings, and loft apartments are a great way to bring more life to the city of Buffalo,” added Patricia Collins, broker and owner of Tudor Collins Commercial Real Estate.
They Made It Happen: The project team included Paul Lang, managing principal at Carmina Wood Design; Anthony Ceroy, managing principal of Generation Development; and Colby Smith, CEO and president of Colby Development.