A former Niagara Falls School building that's been vacant for nearly a decade, is scheduled for major redevelopment that will give it new purpose in the Cataract City. Time Warner Cable News reporter Angela Christoforos explains how the Niagara City Lofts Project will transform former classrooms into apartments.
NIAGARA FALLS, N.Y. -- The former South Junior School building at 561 Portage Road in Niagara Falls has been vacant for over 10 years and has never generated any tax revenue, even when it was still a school. By next year, that's going to change.
"As soon as the building is complete and leased up it's going to go on the tax rolls and produce probably somewhere in the neighborhood of $300,000 worth of property taxes over the next 10 to 15 years," said Benathan Upshaw, CB Emmanuel LLC. co-owner.
The deteriorating building is undergoing a major $22.3 million renovation, that will turn it into 61 loft apartments and 19,000 square feet of commercial space.
"This demolition would've cost 1.2 million dollars and there's no doubt that this building was headed towards demolition," said Seth Piccirillo, Niagara Falls director of community development.
Once completed, apartment rent will range from $500 to $750 a month.
The Niagara City Lofts project was first proposed in 2013. The sale of the building was finalized to CB Emmanuel LLC this month.
The developer has also partnered with Niagara Falls Neighborhood Housing Services for a Community Benefits Agreement that will offer loans to renovate other homes in the area.
"It will help small landlords as well as the elderly that may have a need for financing to update their homes," said Upshaw.
Piccirillo says it's follows the trend of economic development in different neighborhoods of the city.
"In between this location and 6th Street and Walnut there's $40 million in new investment," said Piccirillo.
Remediation of the building will begin in March and construction of the 61 loft apartments will be finished by May of 2017.