The City of Niagara Falls and the Niagara Falls Urban Renewal Agency are actively pursuing the acquisition of 23 properties, including the renowned Rapids Theatre, located on Main Street. The report was first published by Buffalo Business First.
In an effort to jumpstart development in the area, the city and the agency are currently engaged in negotiations with lenders to purchase these properties out of foreclosure. Kevin Forma, the director of planning for the city and executive director of the agency, revealed that the city's plan is to subsequently sell the properties to multiple developers.
By dividing the properties among different developers, the city hopes to stimulate long-delayed development and breathe new life into the Main Street district. The Rapids Theatre, a beloved historic venue known for its live performances and events, is a key property targeted for acquisition.
The city and the agency envision transforming these properties into thriving businesses, attractions, and community spaces that will contribute to the overall revitalization of the area. This initiative aligns with the city's broader strategy to foster economic growth and enhance the appeal of Niagara Falls as a prominent tourist destination.
By collaborating with developers and leveraging these properties, the city aims to attract new investments and create a vibrant atmosphere along Main Street. As negotiations progress, the City of Niagara Falls and the Niagara Falls Urban Renewal Agency remain committed to their vision of a prosperous and dynamic community.
The City believes that their acquisition of these properties represents a significant step forward in their ongoing efforts to revitalize the area and create a brighter future for Niagara Falls.