The City of Niagara Falls Community Development Department is seeking purchase/renovation proposals for seven residential properties eligible for federal and state historic renovation tax credits. Proposals for all seven homes are due May 26, 2017. Individual Requests for Proposals (RFP) are available online at www.nf-cd.org/properties
“These properties are in close proximity to our natural wonders, major employers and the growing Third Street Commercial District. The time is right for more market rate residential investment in our neighborhoods,” said Mayor Paul Dyster.
All properties were acquired via tax foreclosure or bank donation and are being offered by RFP to prevent acquisition by slum lords. Proposals will be scored primarily on the strength of the renovation and management plans. Property tours can be scheduled through Seth Piccirillo, Director of Community Development, at (716) 286-8800 or email@example.com
“Downtown apartment occupancy is currently over 95 percent, small businesses are opening along Third Street and there is demand for more vacation rentals,” said Seth Piccirillo, Community Development Director. “All indicators point to market rate renovations at these properties being profitable additions to the neighborhood.”
Properties Available via RFP:
- 631 Chilton Avenue
Successful bidder will have access to a $40,000 matching grant provided by the former owner, Wells Fargo Bank. This property is located within a one minute walking distance to the Niagara Gorge. Upon removal of Robert Moses Parkway North, Chilton Avenue will have a pedestrian crosswalk at its corner, connecting to the Niagara Gorge rim and newly created park lands.
- 424 Memorial Parkway (entry image)
This historic home is located within short walking distance to both Niagara Falls Memorial Medical Center and the Seneca Niagara Casino, two of the city’s largest employers.
- 455 Fourth Street
- 519 Fourth Street
- 473 Fifth Street
- 445 Sixth Street
- 456 Sixth Street
The properties on Fourth through Sixth Streets are within walking distance to Niagara Falls Memorial Medical Center and the Seneca Niagara Casino, as well as the Niagara Falls State Park and downtown tourism district. In addition, these streets can access the Third Street Commercial District via the Art Alley Entrance in the 3rd – 4th Street alley. In the last two years, the Third Street Commercial District has added eight new local businesses, with additional opening scheduled for later this year, including Community Beer Works.
The City, in its sole discretion, will evaluate the proposals on the following basis:
- The highest and best use of building. Preference will be given to proposals that emphasize prime occupancy and/or on-site property management.
- Total investment and proposed property enhancement.
- The ability of the ownership/management team to accomplish the proposed project based upon past development history, financial strength and demonstrated expertise in operations similar to the proposed development.
- Date of completion of renovation. Earlier completion will be favored. Provide information to document the ability to perform in conformity with your timetable. Renovation should commence no later than October 1, 2017.
- Price to be paid to the City. Proposals that provide the highest total investment, including purchase price will be favored.