By Jeff Martin, The Villager
The Cattaraugus County Industrial Development Agency (IDA) received an updated and revised application relating to multi-phased development aimed at rejuvenating the Olean Center 
Mall. The Phase 1 scope is roughly a $9.5M investment.
Olean Towne Center LLC, led by mall owner Angelo M. Ingrassia, submitted a revised application, replacing the previous one from October 2023. The information was presented at the February monthly meeting of the CCIDA meeting.
The application seeks tax exemptions and a payment in lieu of taxes (P.I.L.O.T.), structured around phases of the mall’s renovation. Notably, the application excludes a separate outparcel on the property, currently under contract with Buffalo-based People Inc.,which has applied for funding to develop 60 apartments catering to a mix of housing needs. It is to be noted that the proposed housing development is not part of the IDA inducement, application, nor project benefits. It would be an unrelated project on the campus of the mall site.
Olean Towne Center has struck an agreement with the city of Olean to maintain the property’s base assessment at $450,000.
The city has called upon the IDA to spearhead a State Environmental Quality Review Act investigation for the property, which has been started.
Ingrassia addressed the IDA board in February, outlining the initial steps for the mall’s transformation, including stabilizing the building, installing a new roof, and enhancing the exterior facade.
Responding to inquiries about the mall’s future, Ingrassia suggested a potential mix of retail, professional offices, light manufacturing, and even government facilities.
Ingrassia highlighted the importance of attracting traffic from North Union Street for the mall’s revitalization. Plans entail demolishing the former Bon Ton section for aesthetic enhancement, constructing new retail spaces, possibly accommodating national retailers, and introducing quick-service restaurants with drive-thru options.
Phase 1 of the project involves erecting two buildings totaling 20,700 square feet, establishing a new mall entrance in place of the Bon Ton, and enhancing the exterior facade. Other enhancements include roof replacement, parking area reduction, and increased green space with access to Olean Creek from North Union Street.
A public hearing for the proposal is imminent at the Olean Municipal Building within the next fortnight.
In addition to Olean Towne Center’s proposal, the IDA received applications from Kless Boys Development LLC for a $6.5 million multipurpose venue near the county line and from Win-Sum Ski Corp., seeking NYS sales tax exemptions for golf equipment purchases, relating to the investment of over $300,000.