The Central Terminal Restoration Corporation (CTRC) has released a Request for Expressions of Interest (RFEI) in partnership with the City of Buffalo, in hopes of attracting “experienced real estate development teams” to partner with.
The goal is to find a developer(s) that understands the community-driven Master Plan, as it pertains to the historic building complex and the campus as a whole. To that end, the redevelopment of the complex and the campus should create a positive ripple effect into the surrounding neighborhoods, by creating a unique destination in the Broadway-Fillmore neighborhood
and East Buffalo.
The RFEI will prequalify potential development partners for final selection through a subsequent Request for Proposals (RFP).
“The future of the Terminal is rooted in a shared vision for a path forward. With community, equity, and economic opportunity at the forefront, we are looking for a development partner to reimagine the majestic historic landmark as a lasting cultural and economic hub of activity – a beacon and a destination that attracts people and investment. Together with our neighbors we will join and elevate the strong future of the city and region,” said CTRC Executive Director, Monica Pellegrino Faix.
The property consists of:
- The Main Terminal building
- The adjacent Mail & Baggage Building
- An attached structured parking garage and plaza, located on 12.5 acres of the larger 61-acre historic site and owned by the CTRC
- An additional adjacent 16± acres owned by the City of Buffalo, including the Post Office Building and Railway Express Building – designated historic Central Terminal site
“This is the right time to reimagine the Central Terminal campus, given the current momentum of planning and investment to revitalize the Broadway-Fillmore corridor into a vibrant neighborhood where the next generation of Buffalo residents will want to live, work and raise families,” said Mayor Byron W. Brown. “In addition to the changes that will come from New York State’s $10 million Downtown Revitalization Initiative, my Administration will be making major infrastructure investments improving streets, parking, and welcoming streetscape and public spaces.”
CTRC is nearing completion of an initial round of building stabilization, which helped to signal the timing of the release of the RFEI. The development of the Master Plan in 2021 (with funding support from Empire State Development) also led the way to the release of the RFEI.
“Through the RFEI, we are seeking creative ideas and approaches that align with our Master Plan, while also getting market feedback and initial input on plan and program,” Pellegrino Faix added. “Potential partners will be vetted based on alignment with community vision, approach to diversity, equity, and inclusion, and past performance on similar, complicated development projects. This process will enable the highest and best uses for the historic complex to rise to the top, and it will also enable the selection of community-minded development partners.”
The project has been awarded an additional $61 million* from New York state to support the capital and operational needs of the historic campus, which was announced by Governor Kathy Hochul in June. There has been a total of $68 million secured from public and private sources.
This “next step” in developing the building complex and the grounds is a significant indicator that the project is now primed for greatness, as there are a handful of logical candidates waiting in the wings, including Douglas Jemal, who is considering taking on the project.
*Building on New York State’s $65 million East Side Strategic Economic Development Initiative in 2019, in June Governor Kathy Hochul announced an additional $180 million of investments for East BuffaloFunding is provided through the “Regional Revitalization Partnership,” an innovative, partnership between Empire State Development (ESD), the philanthropic sector, and local government that will build community wealth and catalyze economic development.