The Central Terminal Restoration Corp. (CTRC) in partnership with the City of Buffalo has released a Request for Expression of Interest (RFEI) to seek development partner(s) to advance the reuse of the Buffalo Central Terminal historic campus in alignment with the community–driven Master Plan.
“The future of the Terminal is rooted in a shared vision for a path forward. With community, equity, and economic opportunity at the forefront, we are looking for a development partner to reimagine the majestic historic landmark as a lasting cultural and economic hub of activity – a beacon and a destination that attracts people and investment. Together with our neighbors we will join and elevate the strong future of the city and region”, said CTRC Executive Director, Monica Pellegrino Faix.
“This is the right time to reimagine the Central Terminal campus, given the current momentum of planning and investment to revitalize the Broadway–Fillmore corridor into a vibrant neighborhood where the next generation of Buffalo residents will want to live, work and raise families. In addition to the changes that will come from New York State’s $10 million Downtown Revitalization Initiative, my Administration will be making major infrastructure investments improving streets, parking, and welcoming streetscape and public spaces,” Mayor Byron W. Brown said.
The RFEI is an important first step in the long–awaited rehabilitation of the Buffalo Central Terminal. A proven approach in the development of complex real estate projects, it will evaluate potential development partners and their innovative ideas for the development of the Buffalo Central Terminal campus. The opportunity will identify prospective real estate development partners and gauge their investment interest, capacity, and mission alignment.
“Through the RFEI, we are seeking creative ideas and approaches that align with our Master Plan, while also getting market feedback and initial input on plan and program. Potential partners will be vetted based on alignment with community vision, approach to diversity, equity, and inclusion, and past performance on similar, complicated development projects. This process will enable the highest and best uses for the historic complex to rise to the top, and it will also enable the selection of community–minded development partners,” Pellegrino Faix said.
The RFEI will prequalify potential development partners for final selection through a subsequent Request for Proposals (RFP).
The property consists of the Main Terminal building, the adjacent Mail & Baggage Building, and an attached structured parking garage and plaza, located on 12.5 acres of the larger 61–acre historic site and owned by the CTRC. The property also includes an additional adjacent 16+ acres owned by the City of Buffalo, including the Post Office Building and Railway Express Building.
With over $68 million secured from public and private sources, the CTRC is nearing completion of an initial round of building stabilization, completed a community–visioning process to establish a Master Plan, and expanded its organizational capacity, all ensuring that the Central Terminal is well positioned for rehabilitation and reuse. An iconic architectural feature in the neighborhood, the Central Terminal’s reuse adds to the strong future of the Broadway–Fillmore neighborhood and East Buffalo, by continuing to build momentum and excitement.
Building on New York State’s $65 million East Side Strategic Economic Development Initiative in 2019, in June Governor Kathy Hochul announced an additional $180 million of investments for East Buffalo – the largest investment the area has seen in decades and a much–needed long term investment in equity and opportunity for the community. Funding is provided through the “Regional Revitalization Partnership,” an innovative, partnership between Empire State Development (ESD), the philanthropic sector, and local government that will build community wealth and catalyze economic development. The Central Terminal will receive $61 million to support the development of a vibrant mixed–use campus.
The momentum is strong for a newly revitalized Central Terminal that is an integral part of creating opportunity for all.
