Q&A: Anthony Nanula, audience winner of America’s Top Project with Heritage Point Canalside project

Participants of the virtual America’s Top Project had a chance to vote for projects and they selected Heritage Point Canalside by Sinatra & Co, a mixed-use development in the Canalside waterfront district of Buffalo, New York as America’s Top Project. Here is what Anthony Nanula, Chief Investment Officer of Sinatra & Co., had to say about their project and award experience.

Please tell us about your project that was won America's Top Project, selected by the participants?

It is comprised of 61 rental housing units atop ground floor experiential retail and second floor class-A office space. Heritage Point Canalside will be the first multifamily focused, mixed-use development in Canalside in over 30 years. Heritage Point will consist of two six-story buildings, totaling over 97,000 square feet and is walkable to mass transit and public amenities.

What do you hope to achieve with your project?

Sinatra & Co. always strives to inspire growth in our people, projects, and communities. Heritage Point Canalside is no different and will be a catalytic project for the development of Buffalo’s waterfront. Cleaning up a brownfield site and putting in its place a walkable, experiential community is how we hope to spur massive transformation in a critical location for the City of Buffalo.

What did it mean for you to win and how did the participation in the competition help with your capital raise?

Winning the award confirms that Heritage Point Canalside not only delivers good returns to but also transforms the community as selected by our industry peers. This award also reassures our current investors that Heritage Point is an industry leading project and a sound investment.

What is your project’s timeline for development and completion?

Construction has already begun with a final completion in early 2023.

When and why did your company get involved in the OZ industry?

Sinatra & Co’s first OZ project began in 2019 with Mid City Apartments (Buffalo, NY), which was an adaptive reuse of a historical six-story building into 50 luxury apartment units and 3 commercial storefronts. One more thing about Mid City is that it was the first project that Sinatra & Co. was able to layer on brownfield tax credits in an Opportunity Zone to create an attractive investment while making a positive impact on the community. We entered the OZ industry due to the growing demand for OZ investment properties.

Where is your company based and how would you describe your company, including what services you offer?

Sinatra & Company Real Estate is a vertically integrated Buffalo-based real estate firm focused on multifamily acquisitions, management, and development. We operate apartment communities across Western New York, the Midwest, and Southeast United States. We are proud of our portfolio and projects, but we are most proud to uphold our commitment to creating growth and positive impact through shared sustainability with our projects, people, and communities.

What is your professional background?

I am the Chief Investment Officer at Sinatra and Company Real Estate LLC (SCRE), as well as my family’s investment company, Nanco Associates LLC. I have an extensive resume in public service at the city and state level in addition to experience in business management and entrepreneurship.

How much have you raised to date in your OZ fund?

We have almost completed the offering for Heritage Point Canalside, which is an $8.8 million equity raise. We have several additional opportunity zone projects in the pipeline for 2022 and 2023 which also leverage brownfield tax credits and other public incentives.

How did the pandemic impact your business strategy?

The pandemic delayed our projects but at this point we are back on track. Just like everyone else in the industry we have had to deal with increased material costs and labor shortages, which have been overcome through careful cost engineering and working closely with our general contracted partners.

What do you think Opportunity Zones can accomplish for distressed areas?

Opportunity Zones are a unique combination of two key development pillars - investment opportunity and social impact. Since OZs mobilize investment towards areas that otherwise may be neglected, they even the playing field when it comes to spreading positive change.

What are your top business goals this year? 

1. To continue on our strategy

2. To execute on additional OZ developments

3. Grow our portfolio of value-add apartment properties

What’s next for your company? What are your plans for the future?

Opening a second office in Tampa, expanding presence in the south, and growing our development services arm which provides strategic and managerial services for government agencies and public/private partnerships.

Powered by Froala Editor