(WNY News Now) – Buffalo, NY – The Central Terminal Restoration Corporation (CTRC) and the City of Buffalo Mayor’s Office of Strategic Planning have announced a preferred development team to spearhead the transformation of the iconic Buffalo Central Terminal, marking a significant stride towards realizing the community-driven vision for this historic landmark.
The Central Terminal Restoration Corporation (CTRC) and the City of Buffalo Mayor’s Office of Strategic Planning are thrilled to unveil the preferred development team tasked with breathing new life into the Buffalo Central Terminal. CB Emmanuel Realty LLC, The Alexander Company, and Rise Community Capital will lead the way in repurposing this Art Deco icon, a pivotal structure in Buffalo’s architectural heritage.
Selected for their alignment with the CTRC’s vision, financial capacity, diversity and inclusion goals, and extensive experience, the chosen development team will also oversee the neighboring portion of the former train station at 59 Memorial Drive, jointly solicited by the City of Buffalo Mayor’s Office of Strategic Planning.
The proposed 30+ acre development project aims to renovate four historic structures and 10+ acres of land owned by the City of Buffalo and the CTRC. This collaborative effort sets the stage for a multi-phased, 10-year $300 million project, with an initial investment of $61 million from the Regional Revitalization Partnership. The focus of the initial investment will be on safety and stabilization repairs, ensuring the readiness of the Central Terminal for community events and programming.
Mayor Byron W. Brown expressed his dedication to the development and neighborhood building throughout Buffalo, emphasizing the three years of hard work by the Office of Strategic Planning in developing plans for the Central Terminal and 59 Memorial Drive.
The long-term plans for the development include creating new economic activity, fostering local jobs, providing platforms for collaboration among businesses and non-profits, and building housing to retain and attract residents to the neighborhood.
The development team, consisting of CB Emmanuel Realty, Rise Community Capital, and The Alexander Company, brings a wealth of experience in housing development, community and economic development, and historic preservation. The team aims to create a diverse and inclusive workforce, working in partnership with the Broadway-Fillmore neighborhood to ensure equitable outcomes for residents and business owners.
James Morrell, Chair of the CTRC, expressed enthusiasm for the partnership, emphasizing the alignment of the development team’s expertise and passion with the vision for the Terminal’s future.
Funding for the project is expected to come from various sources, including Historic Tax Credits, Brownfield Grants, New Markets Tax Credits, Low-Income Housing Tax Credits, HOME Funds, and contributions from the Development Team.
The announcement marks a major milestone for the Central Terminal Restoration Corporation and the broader community, with strong support from entities such as the Regional Revitalization Partnership, M&T Bank, KeyBank, and the Ralph C. Wilson, Jr. Foundation. The involvement of the community-driven Regional Revitalization Partnership, a $300 million economic development strategy, reinforces the commitment to a holistic and inclusive approach for the revitalization of Buffalo’s East Side.