The selected few developers of the city for a series of parcels on and close to the Niagara Street took a step forward Wednesday in its attempt to secure a tax break from the county.Published on : Thursday, March 15, 2018
The selected few developers of the city for a series of parcels on and close to the Niagara Street took a step forward Wednesday in its attempt to secure a tax break from the county.
The Niagara County Industrial Agency and its board of directors collectively acknowledged a preliminary application from TM Montante for $171,500 in sales and mortgage tax abatements. The company is the permitted purchaser of chain of properties at Niagara and Seventh Streets, which the city gave to all the skilled bidders in 2017.
A pair of existing structures provides around 27,000 square-feet of space and is the future site of a new mixed-use redevelopment that is intended to take in a business incubator headed by the Niagara Global Tourism Institute, 17 market rate apartments and a cafe.
Byron DeLuke, Montante’s director of public affairs stated at the meeting that the company remains “excited” and “enthusiastic” related to the project. The company is at present is part of an application process to obtain a historic designation for the buildings, which provides access to additional tax credits.
The volume of the project is an “adaptive reuse,” or renovation and repurposing of current structures. However, DeLuke explained that construction would simultaneously include an atrium in a thin vacant lot sandwiched between the two buildings. Within the incubator, the NGTI’s office space would be anchored, a sponsored rental space for all the promising entrepreneurs.
“The atrium space, which is going to serve as the main entrance to the business incubator, also is going to be utilized for lots of events,” DeLuke said. “These are everything from community scale events to larger events. It’s going to be a public space that’s going to be activated pretty much all week.”
DeLuke explained that the company is anticipated to break ground on the project in either the spring or early summer of 2018, if all goes to plan.
Tags: Niagara Global Tourism