NIAGARA FALLS, N.Y. — New York State finalized the purchase of dozens of properties in Niagara Falls last month. Spread over nine acres, they include a wide variety of locations from a former Niagara Hudson building, to a vacant hotel and even open land.
The hope is that the $14.7 million in Buffalo Billion II money the state spent on the 31 properties launches Niagara Falls' next phase of redevelopment.
While the old snow park might be the most well-known of the bunch, the properties up for sale are all unique.
"We're standing in the parking lot of the Roadway Inn. It's a small hotel with a souvenir shop out front, but as you can see it overlooks the parkway removal project," says Niagara Falls Mayor Paul Dyster. "I think our assumption is that probably the motel doesn't fit into future development plans and that what you're going to see here by the end of the summer is a development site on both sides of the road."
Several of the properties are on Third Street.
"The Niagara Hudson building, which has Art Deco features and which I think we assume would be renovated in-part using historic preservation tax credits. There is the Ice House building. That is a concert venue. It's the site of the former Imperial Garage and a variety of famous blues artists including BB King and Stevie Ray Vaughan and others played there" says Dyster.
Dyster expects to see a mix of hotels, restaurants, and attractions open, all of which will, in turn, create jobs.
Since there will be a loss of tax revenue in the short-term, Dyster says the city is working with USA Niagara on ways to use some of the properties to earn the city income before they are redeveloped.
"By comparison to the long-term benefits of having these properties redeveloped, the relatively small amounts in tax revenue that we would lose, might be roughly $300-thousand off the tax rolls for a year, it's a small price to pay," Dyster said.
Dyster expects three of the buildings on Third Street to be offered to developers first because they require the least amount of work.