BUDC provides incentives and tools for developers, retailers by Brown

Byron Brown, Mayor of Buffalo

As Buffalo’s economic renaissance continues, we are growing our city into a city of opportunity for all people, attracting increased development, investment and global interest throughout our diverse neighborhoods, including our downtown district. With a 97% occupancy rate, downtown Buffalo is one of the fastest growing residential areas in Buffalo and I’m pleased with the progress we’ve made toward my goal of introducing 2,000 new residential units into the downtown market by 2018. The strengthening of our downtown sector is vital as it supports our growing residential population and workforce while further contributing to the growth and development of downtown Buffalo.

As the city’s lead agency for downtown development, the Buffalo Urban Development Corp. (BUDC) offers many tools and incentives that continue downtown Buffalo’s momentum. BUDC created the BBRP Loan Program which provides bridge financing of up to $750,000 for downtown adaptive reuse projects. Working together with the city of Buffalo, Buffalo Niagara Partnership, New York Business Development Corp., and five Buffalo area banks – Evans Bank, First Niagara Bank, HSBC Bank, Key Bank and M&T Bank, BBRP has helped stimulate additional downtown investment. Many successful projects have been assisted through the BBRP, including the Planing Mill at 141 Elm St., the White Building at 298 Main St. and the Phoenix Brewery Apartments in the fast growing Buffalo Niagara Medical campus neighborhood. These projects all include the adaptive reuse of underutilized buildings into successful commercial-residential mixed use projects. BUDC has funding available for additional downtown adaptive reuse projects. A Request for Proposals was issued on July 1^st with a September 30^th deadline.

BUDC also created “Queen City Pop Up,” this unique retail program invites small business retailers to operate in prime retail space along downtown Main St. for three-month periods, rent-free. BUDC partners with property owners to transform vacant storefronts into vibrant retail pop up shops. Working closely with the city of Buffalo, Buffalo Place and Working for Downtown, the program has reenergized vacant Main St. storefronts while providing a pathway for participating retailers to enter the downtown market. The spring edition of “Queen City Pop Up” runs through July 31^st at 517 Main St. in downtown Buffalo. The end goal of the program is to encourage retailers to locate permanently on downtown Main St. Since the launch of “Queen City Pop Up,” 7 of the 14 participating retailers are now permanently located downtown.

BUDC’s Downtown Development Guide highlights many new developments, tools and incentives for downtown projects. It is available at www.buffalourbandevelopment.com. To learn more, contact Brandye Merriweather, BUDC Vice President - Downtown Development at 716-856-6525 ext. 131 or [email protected].

Byron Brown is the mayor of Buffalo and chairman, Buffalo Urban Development Corp.