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.
