National Development Council's CBD Initiative

BUDC is currently engaged in a relationship with the National Development Council (NDC), the nation's oldest national non-profit community development organization. The focus of this project is on several marquis, underutilized or vacant buildings in the Central Business District (CBD) of the City of Buffalo. The two high profile buildings are the former Statler Hotel, located at Niagara Square and the former AM&A's Department Store, located at Washington and Eagle Streets. The NDC is conducting a study to find the most appropriate type and amount of financing that should be offered to a prospective developer interested in the purchase and rehabilitation of one of the buildings. The NDC will review the financial resources available in all levels of government, and how these should best be leveraged to induce private investment in the structures. The study, including recommended financial packages, is expected to be completed by summer 2010.