Governor Kathy Hochul today announced the completion of the $12.5 million restoration and redevelopment of the 1915 First National Bank building and adjacent former Siegel's Shoe Store building in downtown Olean as part of the Downtown Revitalization Initiative. The seven story First National building now houses 21 apartments, with commercial, event and art spaces occupying the former bank floor and mezzanine. The two-story former Siegel's Shoe Store building was renovated into class-A office space. New York State, in collaboration with Savarino Companies and local government partners is bringing this historic building located in the heart of Olean back to life.

"The ribbon cutting for the First National project marks a long-awaited milestone in the redevelopment of Olean's Central Business District," Governor Hochul said. "This historically significant, mixed-use building, which was vacant for nearly 30 years before we tackled its restoration, brings a vibrancy to Olean that will contribute to the city's goals for a walkable, thriving downtown."

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