The Buffalo-Niagara Year in Review, or: Pardon our Dust Belt.
The end of the calendar year for most businesses is a time to reflect on the prior year and forecast for the coming twelve months. In 2015, the Buffalo Niagara region saw an unprecedented amount of new development.
Cranes once again lined the skyline. New landmarks were created, while older obsolete buildings were brought down making way for new vibrant redevelopment projects. Things were a little dusty this year in Buffalo, with a few of our favorite projects including:
250 Delaware Avenue
A 12-story mixed-use complex completed by Uniland development, which is the new world headquarters for Delaware North Companies, a global leader in hospitality and food service that was founded in Buffalo in 1914.
Buffalo Marriott HarborCenter
August marked the completion of Terry and Kim Pegula’s HarborCenter, with the opening of the 205 room Marriott and four retail stores. The $200 million project brought the first full-scale Marriott in the City of Buffalo.
Buffalo RiverWorks
A new waterfront, boating, sports, music and entertainment destination located along the banks of the Buffalo River. The project features two outdoor ice rinks and what will be the first ever fully functioning brewery to be retrofit into an existing grain silo.
Still to come…
Gates Circle
TM Montante’s $150 million renovation of the former Millard Fillmore Gates Circle Hospital into a vibrant, mixed-use urban district including a grocery store, a health and wellness center, 500 residential apartments and condominiums, a 55-unit continuing care retirement community and additional office and retail space.
500 Pearl Street
The largest project ever proposed by Carl and William Paladino of Ellicott Development, a 12-story mixed-use tower with a three floor hotel, 28 apartments, a floor of office space and a six-level parking ramp. Total costs for the 300,000 square foot building is estimated at $75 million.
Jacobs School of Medicine
The University at Buffalo’s new medical school is the largest medical education building under construction in the U.S. (per the Association of American Medical Colleges), and is expected to open in 2017. The eight-story, 628,000 square foot facility is the largest project being constructed in Western New York.
Exciting local projects like SolarCity and the redevelopment of Freezer Queen have Buffalo residents inspired. While the University at Buffalo has coined UB 2020 as an institutional initiative, its effects appear to be widespread, leaving many enthused to see what is to come and with what many are predicting to be a brighter future.
William Vogel
Analyst
Phone: (716) 204-2207
wvogel@largocapital.com
