NIAGARA FALLS, N.Y. — Two projects in downtown Niagara Falls were approved for grants on Tuesday.
The USA Niagara Development Corporation (USAN) Board of Directors met and approved grants for mixed-use projects at 311 Rainbow Boulevard and 320-324 Niagara Street in downtown Niagara Falls.
The aim of the projects is to facilitate economic development within the USAN Development District.
“USAN continues to support projects that will transform downtown Niagara Falls into a pedestrian, residential and tourist-friendly area,” said USAN Chairwoman Francine Delmonte. “These projects both have historic elements – whether reestablishing a residential block or rehabbing historic properties – that will also add character and vitality to the tourist district.”
A $1.7 million grant was awarded to the Cambria Hotel Niagara Falls project at 311 Rainbow Boulevard. The $20 million project was announced by Gov. Kathy Hochul in December.
The seven-story, 120-room upscale hotel will also include three residential guest houses.
The hotel will be two blocks away from Niagara Falls State Park, which attracts 9 million visitors annually. It will also provide easy access to other attractions like Cave of the Winds and the Niagara Power Plant.
A $145,000 Niagara Economic Development Fund (NEDF) grant was also awarded to 324 Niagara Street Landlord LLC, founded by Samuel Savarino, for its mixed-use historic rehabilitation project at 320 and 324 Niagara Street.
The $3.5 million project will restore two mixed-use, three-story buildings. The restoration will include creating 4,000 square feet of retail space and the renovation of 10 apartments.
The two buildings are among the few surviving buildings of its type that were once along Niagara Street.
Two other items were also approved at the meeting. The USAN Fiscal Year 2022-23 Annual Operating and Capital Budgets of $674,692 and $70,244,760 respectively were approved as well as the $1,499,927 Niagara Falls Convention Center and Old Falls Street 2022 operating and capital budgets.
