Niagara Falls, N.Y. – Today, Mayor Paul A. Dyster announced the selection of TM Montante Development as preferred developer for prime downtown development parcels located along 7th and Niagara Streets in the City of Niagara Falls. The multi-phase, approximately $5 million project will transform the structures located 610, 614 and 624-Niagara Street and the adjacent vacant parcels of 414- 428 7th Street into a mixed-use facility in the heart of the downtown corridor.
Mayor Paul Dyster said, “The impact of this exciting announcement will be felt two-fold. Marking the second major development along the Niagara Street corridor in six months, the innovative proposal put forth by TM Montante Development will transform what is essentially the gateway to the City of Niagara Falls, helping to shape a vibrant downtown core for people to work, live and play. Moreover, the dedicated incubator space for the NGTI will extend the lasting impact of this development by spurring future development for years to come. I want to thank our partners at Empire State Development, the NGTI and Niagara University and TM Montante Development for their investment in our city and look forward to the many exciting things to come.”
Chris Campos, President of TM Montante Development said, “We view this project as playing a role in the continued transformation of Niagara Falls, but we also view it as being transformational in and of itself. The new mixed-use space will represent a rebirth of these beautiful historic buildings, and ensure that they have new life for generations to come.”
Centered on the adaptive reuse of National Register-eligible structures, Phase 1 will focus on the development of 16 market rate residential units, a corner cafe and coffee shop, approximately 1,500 square feet of ground-floor commercial tenant space, secure, gated parking and an additional 8,000 square feet of commercial space dedicated to housing the Niagara Global Tourism Institute.
An affiliate of Niagara University, the NGTI focuses on fostering public and private partnerships to enhance regional tourism and global competitiveness in the City of Niagara Falls. The space will serve as the new headquarters for the NGTI and provide it with the resources necessary to continue to grow its transformative impact on the city’s tourism economy and provide an additional square footage for incubator space to foster new businesses in the downtown core.
“The Niagara Global Tourism Institute and Niagara University are truly grateful and excited to embark on this project with the City of Niagara Falls, New York State and TM Montante Development,” said Patrick Whalen, Director of the Niagara Global Tourism Institute. “This is an opportunity is a cornerstone initiative, in-line with the NGTI’s focus on our four pillars of research, workforce development, technology and entrepreneurship. We are honored to be part of the continued development and revitalization of the City of Niagara Falls and are committed to the collaborative process with our partners in this project and the community. Continued progress is indeed a journey and we are elated to take this first, collaborative step forward.”
Work on Phase 1 will begin immediately with a completion timeline of approximately 18 months. Phase 2 is set to include the construction 10 rowhomes along 7th Street or the construction of a $30,000 square foot mixed-use building based on market demand.
“We are excited that a company with the reputation and experience of TM Montante has decided to undertake this project in Niagara Falls,” said Anthony Vilardo, Director of Business Development. “For too long the area north of Niagara Street has suffered from disinvestment. Through careful planning and alignment with other development in the tourism district and the Niagara Falls Memorial Medical Center Campus this neighborhood is ready to take off.”
The City Of Niagara Falls was awarded a $750,000 grant in December 2016 by Empire State Development to facilitate the redevelopment of the parcels. The announcement comes following the receipt of several strong proposals as part of a Request for Proposal process issued by the Department of Economic Development in February. Potential developers had the ability to redevelop the available, cityowned parcels individually, paired, or as a single development parcel.
The parcels offered for development proposals are surrounded by an increased concentration of hotels, restaurants and attractions. They are located in a neighborhood anchored by the growing Niagara Falls Memorial Medical Center campus (more than 1,100 employees), the Seneca Niagara Casino Complex (approximately 3,000 employees) and the Niagara Falls Culinary Institute (steadily growing to more than 1,100 students and faculty).