The historic Hotel Niagara in Niagara Falls, NY has a new owner. Jamil Kara, a Vancouver-based developer, purchased the 12-story, circa-1924 hotel Tuesday for $1.25 million at a bank-run auction. Kara plans to convert the gutted property into a mix of hotel rooms and condominiums. Kara expects the $10 million project to take two years to complete. The 30-year-old developer has completed projects in Vancouver, Toronto and Hamilton but this will be his first project in the United States. According to the Niagara Gazette, Kara is “looking to acquire additional properties in Niagara Falls and Grand Island.”
Hamilton-based Developer Harry Stinson was the bidding runner-up. Buffalo Business First has this interesting news:
Stinson, for his part, said he is willing to step in if Kara’s bid falls apart. Stinson has been scouting the Buffalo Niagara region for development possibilities and options.
“I am certainly interested in doing something here or in Buffalo,” Stinson said.
Stinson, once known as the “condo king,” made his mark in Toronto and is now making a comeback of sorts. The developer built the 51-story, 1 King West condominium and hotel tower that opened in downtown Toronto in 2005 (right). Stinson had plans to build Canada’s tallest residential building in Toronto, Saphire Tower, but those plans were scuttled by financial problems.
In February 2007, Stinson filed under the Companies’ Creditors Arrangement Act to restructure two of his firms and later lost control of the 1 King West project and the site for the planned Saphire Tower. The developer regrouped in Hamilton, at first proposing an 80-story tower in that city before coming back to reality with two projects.
The Stinson School condo conversion project is complete and over 75 percent sold. He also expects to break ground soon on the ten-story Hamilton Grand apartment and hotel project in downtown Hamilton (right).
The Hotel Niagara sale is the second downtown Niagara Falls property to be purchased by Canadians in recent months. In January, Michael DiCienzo’s Canadian Niagara Hotels purchased the financially-troubled 391-room Crowne Plaza Hotel on Third Street. After renovations, the property is now flying the Sheraton banner. Canadian Niagara Hotels owns six large hotels in Niagara Falls, Ontario and the Days Inn on Main Street in Niagara Falls, NY.