Mayor Robert Restaino, along with city government leaders, revealed an ambitious plan to reshape and transform Main Street in Niagara Falls. This marks a significant, and long overdue, step in the ongoing efforts to revitalize the USA side of the iconic tourist destination.
Aiming to bring new life and development to the area, the City of Niagara Falls and Niagara Falls Urban Renewal Agency are currently in negotiations to acquire 23 properties along Main Street. Reported first by Buffalo Business First, the city is actively engaging with lenders to purchase these properties out of foreclosure.
Mayor Restaino has confirmed that negotiations are underway with Niagara's Choice Federal Credit Union and CNB Bank, the parent company of BankOnBuffalo, to acquire the Rapids Theater and 22 of the 35 properties currently in foreclosure. These properties are currently owned by Niagara Falls North Development Fund One L.P. which is an affiliate of the Buffalo-based firm Blue Cardinal Capital.
Once the foreclosure process is complete, the city plans to acquire these properties through its Urban Renewal Agency. Mayor Restaino envisions a partnership with Niagara University, state and county entities to develop university housing along Main Street.
In an interview with WBEN, Restaino expressed his excitement about the potential for this development, stating, "We're not reinventing the wheel, there's university housing. We've just never taken advantage of it. It's really been sort of spread out into the community, which, in and of itself, has created its level of difficulty in some neighborhoods. So we're going to eliminate that issue and try to use that asset to revitalize that portion of Main Street."
Encompassing Main Street to Whirlpool, the targeted area for revitalization stretches from Michigan Avenue to Niagara Avenue. This area is also part of the Downtown Revitalization Initiative (DRI) area, which previously received a $10 million grant from the state. Mayor Restaino believes combining this type of development with the funding from DRI will bring significant improvements to the area creating a vibrant and thriving community - a far cry from where it currently stands.
Both Niagara's Choice Federal Credit Union and CNB Bank have shown willingness to support the city in this development. Mayor Restaino emphasized the importance of the Rapids Theater in the overall plan as it is already a familiar venue for university students.
He stated, "We think if we're going to bring the students into that section of our Main Street and this venue - which is something they're already familiar with - is really in the hands of a responsible owner/operator, something that can start creating, at least, a recreational site for the students that are there, it'll spur some of those other storefronts that are along the Main Street corridor to also begin to provide those kinds of locations for students, and for all of us, really."
While the initial focus is on university housing, Mayor Restaino believes that the stretch along Main Street can be utilized in various ways to cater to students and their families. He envisions the inclusion of vacation rentals, market-rate apartments, and even a boutique hotel to accommodate visiting parents. The plan has already attracted regional developers who see the potential for businesses and other entities to thrive in the area.
Restaino expressed optimism for the initiative that could define his administration as Mayor, stating, "If that should happen and when - we're very, very hopeful that happens - I think what we do is we stretch the city. It no longer becomes just that six-, eight-, 10-block area right down in the Entertainment District. We start stretching the interest all the way up Main Street. And ultimately, with some of the other development that we're bringing to the City Market area, we start stretching it out more into the city, which is really the goal of our administration."
Niagara Falls Mayor Restaino Unveils Ambitious Plan to Transform Main Street as Second Terms Kicks Off