Officials Detail Roughly $50 Million in Private Investment Planned for Niagara Falls' Main Street

City and state officials appeared alongside developers on Thursday to lay out about $50 million in projected private investment for Niagara Falls' historic Main Street corridor. The plans include new housing, commercial space and the restoration of buildings that have sat vacant for years.

The Niagara Falls Urban Renewal Agency now controls 38 properties along the corridor. Several redevelopment agreements are in place, and some construction has already begun. Mayor Robert Restaino said that in about a year and a half, the city has assembled projects representing nearly $50 million in private investment on Main Street.

The largest proposal is a $25 million project at 2010 and 2018 Main Street, where two historic buildings would become 100 student housing units for Niagara University. Abe Bose, principal of Niagara Development Partners, said the goal goes beyond replacing blighted structures. "It's about creating an economic engine that brings foot traffic and daily activity back to this block," he said.

The development would offer studio, two-, three- and four-bedroom units, with the final mix shaped by student feedback. Ground-floor retail is also planned. Bose said the developers hope to start construction in April or May 2027, expect about two years of work, and anticipate opening in May or June 2029.

Financing would come from private investment, construction financing and historic tax credits. Niagara University is collaborating on the project, but Bose said it is not a financial partner. The developers plan to keep the existing facades and much of the interior architecture, including high ceilings and cast-iron columns. Adding two stories is possible, pending state and federal historic preservation approvals. Bose acknowledged the buildings have deteriorated, including roof damage, but said the problems are manageable based on his team's earlier redevelopment work.

Other projects are also advancing. Morgan Genovese, the city's director of business development, said construction is underway at 2109 Main Street on a mixed-use building with six apartments and ground-floor commercial space. At 1708 Main Street, developers are finalizing plans to convert the former Jenss Department Store into 32 two-bedroom market-rate apartments and a ground-floor commercial bazaar. Work has also started on a short-term rental property at 803 Division Avenue. Officials are also hoping that renewed entertainment activity at the former Rapids Theatre could draw more businesses.

Public money is part of the effort as well. About $10 million from the state's Downtown Revitalization Initiative is earmarked for streetscape improvements between Ontario and Pierce avenues, including better walkability, stronger pedestrian links to Niagara Falls State Park and a public plaza outside the Main Street Library. Empire State Development also provided $2.5 million to help acquire long-dormant properties and begin the redevelopment process.

Restaino cautioned that the work is far from finished. "It's still a long walk to develop the entire property, and no one's fooled that our job is done here. But we think that our start is an excellent one," he said.

Bose noted that some residents are skeptical after earlier redevelopment efforts stalled, and said the partnership with Niagara University sets this project apart. Even so, the largest developments still have financing, approval and construction milestones to clear before the city sees the full effect of the proposed investments.