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Buffalo Business Report - Monday, February 24th 2014

According to the AAA, the current average cost for a gallon of unleaded gas is $3.71.  In the last two weeks, that cost has risen eight cents.

Krog Corporation's $50 million investment in a mixed-use development of the former Trico complex is poised to bear fruit.  Construction is expected to begin this summer, with a partial completion date of 2016.  Krog Corp. plans two hotels, apartments, commercial space and a parking garage at Trico.  Krog will work with longtime partner Hart Hotels of Buffalo on the hotel projects.

A local investment group has purchased a South Buffalo apartment complex for a reported $1.55 million.   The 32-unit complex at 323-331 Southside Parkway, has been acquired by South City Realty LLC.

Mortgage servicer PHH Mortgage Corp. has begun lay-offs at its Amherst location.  By July 2nd, 135 people will be losing their jobs.

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