Incentives for developers, investors and retailers by Byron Brown

Byron Brown, Mayor of Buffalo

Buffalo is currently in the midst of a significant economic renaissance that’s resulting in increased development, investments, and global interest in downtown Buffalo. To accommodate our growing residential population and workforce, I’m proud of the progress we’ve made in moving closer to my goal of completing 2,000 new residential units by 2018, further contributing to the growth and development within the downtown area.

As the city’s lead agency for downtown development, the Buffalo Urban Development Corporation (BUDC) strives to continue growth in downtown, developing a variety of different tools, incentives and resources that will continue to drive the economic resurgence and overall downtown experience. The Queen City Pop Up Program and adaptive reuse projects, assisted through the Buffalo Building Reuse Project (BBRP) Loan Program, recognize the importance of promoting residential and commercial expansion through the transformation of vacant or underutilized buildings.

Downtown is the fastest growing residential area in the city. Currently, there is a 97% occupancy rate downtown, and BUDC has created incentives that highlight the importance of adaptive reuse projects, as well as helping to activate first floor uses in the area to provide for the growing downtown population.

To continue downtown Buffalo’s momentum, BUDC created the BBRP Loan Program, which provides developers low-interest, gap financing for up to $750,000 for adaptive reuse projects. This unique loan program places emphasis on incentives to stimulate business investment, working with public and private entities including city of Buffalo, BUDC, Buffalo Niagara Partnership, New York Business Development Corporation (NYBDC), and five Buffalo area banks – Evans Bank, First Niagara Bank, HSBC Bank, Key Bank and M&T Bank. One successful project completed with this loan program was the Planning Mill located at 141 Elm St., which transformed this historic property into a mixed use building for commercial and residential uses. BUDC currently has funding available for additional downtown adaptive reuse projects.

BUDC also created Queen City Pop Up, a unique retail program that provides for local retailers to set up shop rent free for a short term period in prime retail space along downtown Main Street. BUDC partners with property owners to transform empty storefronts into vibrant retail pop up shops that further encourage economic growth in the downtown area. Working closely with The Partnership, Buffalo Place, and Working for Downtown, this program has brought new life into empty Main Street storefronts. It’s also a pathway for participating retailers looking to enter the downtown market. The Spring Edition of Queen City Pop Up runs from May 5, 2016 through July 31, 2016, with the end goal of getting retailers to set up shop permanently on downtown Main Street following the program. Since the launch of Queen City Pop Up, 7 of the 14 participating retailers last year are now permanently located downtown.

The Downtown Development Guide, along with other useful information, is available at www.buffalourbandevelopment.com. To learn more contact Brandye Merriweather, BUDC vice president of downtown development at 716-856-6525 ext. 131 or [email protected].

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