Investing millions to convert properties
Mayor Byron Brown says the city of Buffalo will invest more than $40 million over the next three years to help convert some empty downtown commercial properties for residential use.
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BUFFALO, N.Y. — The City of Buffalo wants to turn more empty and unused downtown commercial properties into vibrant residential and commercial properties. Friday, the Buffalo Niagara Partnership released the findings of a year-long Buffalo Building Reuse Project study on how to develop these downtown properties.
"Repurposing downtowns oversupply of commercial space will create vibrant neighborhoods and it makes good business sense," said Andrew Rudnick, president and CEO of Buffalo Niagara Partnership.
"One of the questions that has been asked: Is Buffalo ready for this progress? Is Buffalo ready for these resources? I'm very proud to say today that the answer to that question is absolutely. Yes," said Brown, (D).
The Buffalo Buidling Reuse Project,or BBRP, came up with three main recommendations to help get the redevelopment underway:
Name a lead agency. It's suggested the Buffalo Urban Development Corporation. Create a dedicated funding stream to encourage redevelopment investment, and implement a strategy to transition unused commercial properties into residential use.
That's exactly what Ben Obletz President of First Amherst Investment Group did. The investment group turned the 19th Century Granite Works Building on Main Street into upscale apartments and commercial space.
"This is a perfect example of a successful reuse of an old building in our downtown. We want to see more developers involved in successful conversion projects downtown. Each project improves its neighborhoods and makes previous projects even more successful," said Obletz.
Brown says the city will commit $12 million over the next three years along with another $19 million in state and federal dollars to help implement the recommendations.
"The money that we're talking about will be spent by a Request for Proposals. We plan on making, are all going to be strategic and they will help stimulate additional investment in this process," said Brown.
The Buffalo Niagara Partnership estimates the economic impact of the BBRP recommendations would create between 700 and 1,500 jobs and generate between $39 and $78 million dollars in investment over the next five years.