NIAGARA FALLS, N.Y. (WBEN) - Blue Cardinal Capital, a Buffalo-based real estate firm, purchased 38 parcels of land in an effort to revitalize Main Street and waterfront property in Niagara Falls.
The $3.2 million purchase by the real estate company from Richard Hastings includes 21 parcels along Main Street and 17 other parcels in Niagara Falls. Mayor Paul Dyster said the purchase covers more than 200,000 square feet of development space and more than two acres of in-fill development land.
"This is a project that has been a long time in the works," Blue Cardinal Capital Managing Partner Bob Richardson said. "We think of ourselves coming into this neighborhood today as the next steward of important properties in the City of Niagara Falls. Our mission and ambition is to be good stewards of those properties and work with the community and city to revitalize this portion of downtown and make it as vibrant as it once was."
Blue Cardinal Capital's purchase of the properties is the latest chapter in what city leaders hope is the revitalization of the waterfront area, which recently includes the removal of the Robert Moses Parkway, the nearly 20-mile stretch from the southern end of Niagara Falls along its western waterfront edge and up to Lake Ontario. Robert Moses Parkway was completed in the early 1960s but has since cut off city neighborhoods from the Niagara Gorge for 50 years. City and state leaders believe the parkway's removal will restore the natural ecology of the Gorge rim and better equip the area for ecotourism and local quality of life.
Main Street is only two blocks from the parkway.
"We're trying to continue the process begun with the removal of the parkway of trying to draw the atmosphere of the park into the city," Dyster said. "You have a relatively wide (Main Street) with relatively narrow sidewalks without a lot of streetscapes, trees, benches, of city-type amenities. That's something we need to do a better job with to help facilitate investment going forward."
Dyster said that the Robert Moses Parkway removal process is nearing completion of its second phase and is expected to award the third phase of the project in the coming months.
"The large flyover at the Whirlpool Bridge has been removed," Dyster added. "They're now grading the ramps leading to the flyover. The next phase involves removal of the at-grade portion of the roadway, removal of invasive species, construction of hiking and biking trails, and planting of native species. That will probably start towards the end of summer and August and will continue into next year."
Richardson said Blue Cardinal Capital was interested in the area because of plans for the removal of the parkway and because of the renovated train station in the neighborhood.
"It's probably premature for a grand vision (of Main Street)," Richardson said. "I think in practical terms when you look at these buildings, they're wonderful, historic structures. But they need some care. The beginning days will be blocking and tackling renovations, replacing roofs, getting them safe and sound. Then, starting to change the texture of the neighborhood and making it a place where people want to be, where it's safe and comfortable to either live or visit or shop and spend money, come for entertainment and food. It's a gradual process that won't happen overnight."
Richardson also said the neighborhood has to be different than the tourism district, with a focus on a local business.