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Building Reuse Project
MAYOR ANNOUNCES MULTIMILLION DOLLAR INVESTMENT TO FUND BUFFALO NIAGARA PARTNERSHIP RECOMMENDATIONS FOR DOWNTOWN DEVELOPMENT
The Buffalo Niagara Partnership today released the results of the year-long Buffalo Building Reuse Project (BBRP) to improve the competitiveness of downtown Buffalo by attracting new investment and establishing a development process and structure for long term sustainability.
In December 2010, Mayor Byron W. Brown requested the Partnership to assemble experienced business leaders and economic development professionals to study the oversupply of commercial office space in downtown Buffalo. More than 30 volunteer local experts collaborated to build recommendations for maximizing future investment in downtown Buffalo.
“A vibrant downtown is good for business activity throughout the region,” said Andrew J. Rudnick, President & CEO of the Buffalo Niagara Partnership. “The Buffalo Building Reuse Project is all about clearing the way for private sector investors to complete redevelopment projects and increase downtown’s competitiveness for 21st century commercial, residential, and retail use.”
Significantly based on ‘best practice’ experiences in peer cities, the report’s principal recommendations are:
The estimated direct economic impact of the BBRP recommendations is 700-1,500 jobs and $39-$78 million of investment over the next five years. Also anticipated is the absorption of 425,000-800,000 square feet of office space, the creation of 500,000-1,000,000 square feet of residential space and the improvement of 10 city blocks.
“I want to thank the many experienced stakeholders in Buffalo’s downtown community who volunteered their time and effort to take an in depth look at Buffalo’s urban core, and then developed well-coordinated strategic ways to make all downtown buildings more commercially competitive. As a result of their detailed report, I made a commitment of nearly $12 million today to support downtown projects and development over the next three years,” said Mayor Byron W. Brown, who also noted that Buffalo recently secured an additional $19 million for economic development through state and federal grants. “The report released today recognizes that there is a strong demand for people to live Downtown. My hope is that the money I commit will leverage even more funding for Downtown from other public and private investors.”
For more information, visit www.thepartnership.org/expertise/BuffaloBuildingReuseProject.
© 2001-2011 City of Buffalo
Photos by Angel Art LTP, compliments of the Greater Buffalo Convention and Visitors Bureau. Additional photos by Adrian Roselli, compliments of Algonquin Studios