The owners of the Buffalo Bills and Sabres have purchased a building in the city's Cobblestone District, near KeyBank Center.
Pegula Sports and Entertainment, which is run by Terry and Kim Pegula, on Friday announced the purchase of the former Peerless manufacturing building at 79 Perry Street, through an affiliate company.
In a statement, PSE says development of the five-story, century-old building is in the early planning stages.
"Pegula Sports & Entertainment, LLC is pleased to announce the purchase of the building located at 79 Perry Street and 59 Illinois Street through an affiliate company. Development of the property is currently in the early planning stages, as PSE determines how it can best contribute to the future growth of the Canalside and Cobblestone districts," the statement read.
The structure is located across the street from the parking ramp connected to to the arena. The Buffalo News reports the price tag was $7 million.
"We're always excited to see the Pegulas make investments in Buffalo and in Western New York," said Empire State Development President and CEO Howard Zemsky.