Buffalo’s historic Central Terminal is on the cusp of a transformative journey, marking a significant leap forward in its ambitious restoration. Central Terminal Restoration Corporation (CTRC) and the City of Buffalo have joined hands with a dynamic development team to spearhead the colossal effort. The chosen trio, comprising CB Emmanuel Realty, The Alexander Company, and Rise Community Capital, has been selected for their alignment with the CTRC’s vision, financial prowess, and commitment to diversity and inclusion.
CB Emmanuel Realty, founded in 2005, brings a track record of successful affordable housing projects to the table. The Madison-based Alexander Company boasts four decades of expertise in urban infill development, historic preservation, and affordable housing. Rise Community Capital, established in 2009, specializes in strategic financial advisory and investment for community and economic development projects.
This strategic collaboration aims to breathe new life into the iconic Central Terminal. The comprehensive development plan envisions injecting new economic activities, creating local jobs, fostering collaboration for businesses and non-profits, and developing housing solutions.
The multifaceted facilities planned include Civic Commons entertainment spaces, a regional and international food hall, culinary education spaces, mixed-income rental housing, and more. The long-term project, spanning ten years with an estimated cost of $300 million, is set to receive an initial investment of $61 million from the Regional Revitalization Partnership. This initial funding will focus on capacity-building and preparing the structure and grounds for redevelopment.
Rupp Pfalzgraf partner Marc Romanowski, leader of the project development and environmental practice group is poised to play a pivotal role in this transformative journey. The project, scheduled for 2024 and 2025, includes stabilization efforts for the plaza, parking garage, Main Terminal building, roof repairs, window enclosures, and ground maintenance.
To learn more about this venture check out the article in Buffalo Rising.