The U.S. Corporation for Development Niagara has approved a two-pronged development plan at the center of Niagara Falls. The land transfer, to Montante Group LLC and SJI Main LLC, includes land previously acquired by USAN through the Buffalo Billion Niagara Falls program. The projects are part of the transformation of the third business street area as a pedestrian and tourist neighborhood with commercial, retail and housing development.
“With these two projects, USAN is helping to grow the housing market and support the revitalization of the tourism industry in downtown Niagara Falls,” said USAN President Frances Delmonte. “This long-term dormitory facility will see a new life that will add a fresh touch to the character and splendor of Third Street in the commercial district.”
The Montante Group project will rehabilitate / rehabilitate commercial buildings located at 500 and 512 Main Street, as well as an empty area adjacent to 518 Third Street (Property I) and a parking lot adjacent to 503 Main Street (Property II). The project is the result of two active and mixed business developments and is important for the further development of the Third Street Business District.
The 500th Street site has a base space suitable for retail / restaurant use as well as a commercial space above. The 512 Street website will have retail / restaurant outlets and use of outdoor areas adjacent to it. These two options are connected via a completed outdoor seating area that can be used by tenants locally or for special events. Montante Group intends to complete the estimated $ 4.25 million project in two separate phases: construction of either the 500th Street property or 512 Third Street property, followed by the construction of the remaining property that was not selected in Phase 1.
GPP approval and the transfer of vacant land at 554 and 558 Streets to SJI Main will facilitate the rehabilitation and refurbishment of three facilities (two mixed and one commercial) for new retail and housing development. The acquisition of SJI is important for the current development of the Third Street business district and adds value in creating new jobs and new housing opportunities. Phase I of the project will consist of the construction of 36 residential houses and six commercial spaces. The total investment of SJI for Phase I is expected to be approximately $ 3.7 million. The inclusion of a property close to USAN will increase SJI’s development capability through additional parking, while also serving as a built-in location for a possible second phase of SJI investment.
The transfer is part of a strategic land development program implemented through the second phase of the Buffalo Billions Initiative for Economic Development by Governor Andrew M. Cuomo is funded. The goals of the program are to purchase long-lived homes near Niagara Falls State Park, eliminate evil from the city center, and increase the density of use to help create a year-round and sustainable neighborhood.