Niagara Gazette


February 6, 2014

GUEST VIEW: New Third Street investment by the numbers

Niagara Gazette — The private sector is making significant investment in the Third Street Commercial District. Proven local business people, who could have invested anywhere in the region, chose our city. That is a win for Niagara Falls.

New commercial and market rate residential development on Third Street benefits our entire community. More investment means more tax revenue, more commerce, new construction projects, and creation of permanent jobs. It means fewer vacant buildings and government-funded demolitions. All have positive impacts on the city’s future bottom line.

The Dyster Administration wants to keep our residents directly informed about these developments, and the City’s role in the process. As always, you deserve clearly stated facts. To that end, here is the new Third Street investment by the numbers:

• 6 – Buildings have been purchased on Third Street, from Niagara Street to Main Street, within the last 12 months. All of the new owners — private sector investors — live in Western New York. This is in marked contrast to the past, when out-of-town speculators with no apparent redevelopment plans owned much of the street.

• $803,000 – Total price paid by three different local development groups to purchase the buildings. The previous owners were willing to sell, and the new owners were willing to spend their own money upfront.

• 27,000 square feet – Amount of commercial and residential space being renovated and modernized by the new owners. The majority of this space has until now sat vacant.

• $1.7 million – The total investment, including purchase prices and renovations, being put into the development of these properties.

 $80,000 – Total amount of casino funds being contributed to three separate building renovations, as approved by the NFC Board earlier this month. These grants will be dedicated to hard costs: apartment renovation, building improvements, and the purchase of equipment. All grants are dollar-for-dollar matches with the owner, with public funds to be delivered when the work is complete and inspected, not upfront. If the legal conditions of the grant are not met, the funds are not turned over. The Niagara Falls Community Development Department is also working with the new owners to obtain matching storefront improvement grants from federal and Empire State Development sources, not city funds.

Text Only | Photo Reprints
Featured Ads
House Ads
AP Video
13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow Raw: Deadly Tornado Hits Virginia Campground Ohio State Marching Band Chief Fired After Probe Raw: Big Rig Stuck in Illinois Swamp
House Ads
Night & Day
Twitter News
Follow us on twitter
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Front page