Model in Colorado provided 11:1 Economic Development Return
Buffalo, April 18, 2013: The Central Terminal Restoration Corp (CTRC) has taken great strides in their adaptive reuse plans for the Buffalo Central Terminal. Although much work needs to be done to stabilize and prepare the complex for tenancy and other use, various groups have toured the complex and have expressed interest in becoming anchor tenants or partner developers for the Center for Restoration Arts & Sciences utilizing a Public/Private Development concept.
Following a model of success in Colorado, the Center for Restoration Arts & Sciences will include partnering with private developers, local foundations, Government, Education, the Arts and neighborhood nonprofits to also lift the surrounding Broadway Fillmore District to reinvestment and prominence as one of Buffalo’s next great neighborhoods. CTRC Real Estate Development Committee members are planning a site visit to Colorado model to obtain additional systems and operations methods.
“In Colorado, every dollar the State invested brought an economic return of $11.00.” The model is also acutely similar to the same geo- and demographics as the surrounding neighborhood of the Terminal. It focused on workforce and economic development as well as neighborhood reinvestment and was able to provide a platform of success for their direct region and the State of Colorado.” said Executive Director/CEO Marilyn Rodgers.
“Interest in this adaptive reuse project is escalating from nonprofits to new businesses,” stated Paul Lang, CTRC VP and Real Estate Development (RED) Committee Chair. “We have also met with local developers who have a vested interest in our city’s economic growth with the vision of our project becoming both a regional and New York State asset,” he continued.
Remedial measures and repairs, replacements and new technologies are part of the plan for the Center. With roof replacement work now underway and a 50K watt Solar PV system to be installed this summer, the Terminal is now also experiencing great in-kind development and services with local businesses and trade unions. Mark Lewandowski, President of the corporation stated “The new roof membrane is Energy Star compliant and also provides additional reflective qualities that will complement our new Solar PV system provided as an in-kind donation from Solar Liberty for increased energy storage.”
Other projects slated for this summer include restoration of the Gustavino Tile in the Main Concourse; Brownfields remediation plan and general utilities and improvements. The CTRC is looking forward to additional historic restoration and remediation of all masonry and windows along with new systems for HVAC utilizing Green Technologies. Local businesses are always welcome to be part of this stunning project on a partner or in-kind basis. RFPs will be transmitted as each project jumps from the drawing board to reality.
Additional human capital has been added to the CTRC Board with Fred LoFaso of Sienna Realty leading the Brownfields plan and working with related government entities and Paul Maurer of ReTree WNY fame heading Public Relations and Marketing. The CTRC is also working closely with UB Law School students regarding surrounding property remedies, headed by CTRC Board Secretary Michael Nisengard, Esq. Jeff Ingersoll, CTRC RED Committee member, is reviewing possible vendors for historically compliant materials.
Legal and Development Board Members are now working on structure and documents for tenancy and development while additional partnerships are being formed with local institutions of education and the Arts. Interest Surveys will be made available for prospective tenants to assure needs and desires of all parties are taken into careful consideration.
The Buffalo Central Terminal is listed on the National Register of Historic Places, NYS Preservation League’s “Seven to Save,” and holds local preservation designation in the City of Buffalo.
It is the CTRC’s hope that, with the reuse of the Terminal, rail traffic will also be forthcoming whether starting with interest in the possible reuse of Buffalo’s legendary Belt Line; local light rail expansion and the future of the Terminal’s reuse as a connector hub for possible high speed rail.
The final plan will be presented as a formal announcement to the general public this summer during a Public Meeting that will include development, tenant and neighborhood partners; City, State and Federal Government representatives; Media and the general public.
For more information or to obtain an Interest Survey contact Marilyn Rodgers, Executive Director/CEO by phone at 716-440-1106 or by email at firstname.lastname@example.org.