Buffalo Business First Reporter - Business First Email
Niagara Falls officials are confident that a key parcel — just one block from Niagara Falls State Park and its 8 million annual visitors — will attract interest from the development community.
Empire State Development Corp. Empire State Development Corp. Latest from The Business Journals New York’s economic development policies subject of lawsuit New York’s economic development policies subject of lawsuit Hoyt lauds tax cap in Chautauqua speech Follow this company and its affiliate, USA Niagara Development Corp., along with the City of Niagara Falls is soliciting development proposals for the nearly one acre site, located at the corner of Rainbow Boulevard and Old Falls Street.
The property, which currently houses a surface parking lot and an Indian restaurant, in recent years was the base for a hot air balloon ride. It sits just across Rainbow Boulevard fromNiagara County Community College Niagara County Community College Latest from The Business Journals NCCC program will extend into vineyards Leader appointed at Wyoming County Health Blame the economy: student loan default rate rises Follow this company ’s culinary arts center that’s due to open next year.
“It’s a gateway location,” said former Assemblyman Sam Hoyt , now ESD regional president.
Bids are due by Dec. 2. Empire State Development and the City of Niagara Falls hope to have a designated developer for the parcel by early next year.
“Even in this recession, I am confident that developers will see the benefit of investing in Niagara Falls,” said Cataract City Mayor Paul Dyster .
Niagara Falls has drawn interest in recent years from Canadian interests for the former Crowne Plaza hotel on Third Street and a plan by Hamilton investor Harry Stinson to renovate the vacant Hotel Niagara.
More than $12 million has been invested in re-opening Old Falls Street to vehicular traffic. The street now hosts a number of festivals and live concerts.
Dyster said any development plan must include a hard completion deadline and play off what is already transpiring along the Old Falls Street spine between Third Street and the Niagara Falls State Park.
“I’m really interested to see what responses we get,” Dyster said.
Covers real estate, commercial development and government
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