Visions of economically reviving a key stretch of Main Street in downtown Niagara Falls could take a significant step forward as a downstate investment group hopes to close on a deal to buy - and then renovate - the 105-year-old landmark.
The deal is expected to close by the end of the month, said Mayor Robert Restaino.
Terms and the identity of the investment group will be disclosed when the deal closes, Restaino said. The renovations costs are still being determined.
"To me, the big thing is that they have been in the building and are already working on plans," Restaino said. "They won't be walking in blind."
The impact of a revived Rapids Theatre goes beyond the live entertainment, concerts and special events planned for the circa 1921-era former movie house.
Taken into context with the planned $17 million development make over of the Rapids across-Main Street- neighbor, the former Jenss department store building, it may make it easier for Niagara Falls to land more private sector interest in its Main Street business corridor.
"Development is never simple, but this does make it a bit easier," Restaino said.
The Rapids has a 1,750-person standing capacity for concerts. Seating is capped at 800 for a show or special event.
The Jenss project is being overseen by Buffalo attorney and preservation specialist Jason Yots and businessman Gerald Kelly along with Niagara Falls architect James Baptiste.
Plans call for the building's upper floors to be converted into 30 market rate apartments with street level commercial space.
Work on the Jenss building is on pace to start this summer, Restaino said.
Both the Rapids and Jenss buildings were among 38 Niagara Falls obtained after a previous development effort failed.
"We are trying to develop these in a persistent and patient way," Restaino said.
Some development interest is beginning to take hold including another downstate-based investors considering bringing student housing to some of the Main Street buildings.
"Spin off is just beginning," Restaino said.