Buffalo, N.Y. (WBEN) - The ribbon was cut Tuesday to officially open The Monroe, an $8.4 million rehabilitation project in the City of Buffalo that converted the iconic Record Theatre complex to 17 affordable apartments and 11,400 square feet of commercial and retail space.
The re-naming of the building pays homage to its historic roots as a 1920s auto dealership for the Monroe Motorcar Company.
The formerly vacant building on the corner of Main Street and Lafayette Avenue, adjacent to Canisius University and the NFTA Metro Rail Station, has apartments that are, on average, affordable to households earning less than 80% of the area median income.
"This project exemplifies how adaptive reuse can create an exceptional place to live while fostering exciting new retail opportunities that align with my administration’s broader Main Street strategy, stretching from Downtown to the University at Buffalo South Campus," said Buffalo's Acting Mayor Chris Scanlon on Tuesday. "With The Monroe reaching completion and offering Buffalo residents additional state-of-the-art affordable housing, I want to thank Gov. [Kathy] Hochul and everyone involved for our shared commitment to uplifting communities across every corner of the city."
There are six commercial spaces in the complex, including:
- Saffron Kitchen, Buffalo’s first Persian restaurant;
- Two international restaurants run by graduates of the Westminster Economic Development Initiative’s West Side Bazaar incubator;
- Fairy Blonde Mother hair and beauty salon;
- A small, shared office and co-working space named Record Workshop with a conference room, private offices, co-working desks and shared administrative support.
Fairy Blonde Mother has been operating since October, and the restaurants and offices will be available by early 2025.
Several of the commercial spaces also will surround a multi-season courtyard along Lafayette Avenue.
New York State Office of Parks, Recreation and Historic Preservation helped facilitate the use of Federal and State Historic Rehabilitation Tax Credits, which are estimated to provide $2 million in equity. Other state financing includes an $850,000 Small Building Participation Loan Program loan from NYS Homes and Community Renewal, which supports the preservation and improvement or new construction of rental properties in buildings of 5-to-50 units located outside of New York City. Empire State Development provided a $750,000 loan through the Better Buffalo Fund.
Aiming to create vibrant, mixed-use, high-density neighborhoods, the $40 million fund focuses on supporting projects that encourage density and growth along transportation corridors and revitalize neighborhood commercial districts. State Sen. Sean Ryan also secured a $700,000 grant for this project.
"The Monroe Project is an exciting example of what can be done when we focus on historic preservation to grow Buffalo's future. With new affordable apartments and commercial space, The Monroe will provide safe and secure housing for Buffalo families and serve as a focal point for future growth in the neighborhood," said Sn. Ryan on Tuesday. "This is a truly remarkable project and I'm proud that New York State has worked to make it a reality."
In the past five years, New York State Homes and Community Renewal has created or preserved more than 12,000 affordable homes in Erie County.
The Monroe continues this effort and complements Gov. Hochul’s $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide.