By JAMES FINK
jfink@bizjournals.com | 716-541-1611

After more than two years of planning, construction on the $70 million Bonaventure Square could be under way by August.

All that's needed is approval from the Town of Allegany, plus approval of an incentive package from the County of Cattaraugus Industrial Development Agency. Both are anticipated by mid-June.

The Town of Allegany Planning Board and Allegany Town Board will likely review the project during the next month. When the IDA meets June 7, it will consider an incentive package to help with financing.

"We've gotten this to the point where the project is real in the sense that shovels will be in the ground," said Craig Marlatt, executive vice president of Ross Wilson & Associates Inc.

His Amherst-based company  was tapped by St. Bonaventure University to develop the project, which is slated for a 17-acre site on Route 417 across from the university. The property once housed the Castle Inn, a popular restaurant and hotel that closed in 2000. St. Bonaventure acquired the property after the Castle Inn closed and considered a number of development options before selecting the plan by Ross Wilson & Associates.

"This is a very important project to the region," said Corey Wiktor, IDA executive director.

The Amherst architectural firm of Lauer-Manguso & Associates has been retained for the design.

According to Marlatt, Bonaventure Square will be developed in phases, beginning with construction of an 89-unit apartment complex geared toward students. The four-story, 80,000-square-foot building carries a potential development cost of $14 million.

Other elements in the initial phase include the following:

• A two-story, 20,000-square-foot retail/office building that Marlatt estimates will cost $2.5 million to develop.

• A single story, 12,000-square-foot bookstore with a university theme. Estimated cost is $3 million.

• A project centerpiece is a 50,000-square-foot, two-story entertainment center that would include a sports bar and restaurant, arcade and bowling alley. That building has a development price tag approaching $10 million.

• Marlatt said talks are under way with a national chain to develop a 100-room, suite-style hotel at a cost of approximately $10 million.

• An energy plant to service Bonaventure Square that would cost about $5 million.

Work on various elements of the first phase could begin this year, with some of the buildings ready for occupancy by the latter part of 2012.

The second phase is focused solely on the development of a sportsplex with two ice hockey pads, plus a multiuse component for sports such as indoor lacrosse and soccer. The building is anticipated to be 240,000 square feet and would cost $25 million to develop.

Marlatt said one ice pad will be operational year-round. Seating capacity for the rinks would be 300 to 500 people.

"Clearly there is a need for ice time, not only by St. Bona but by the entire Olean community," he said.

Construction of the sportsplex will likely start next spring and be completed by late 2013.

"Understand that this is a complete lifestyle project for the university and the region," Wiktor said. "It has certain key elements like the hotel and rink that is geared toward tourism and bringing new dollars into the community."