The USA Niagara Development Corp. board of directors met today and approved the acquisition of 201 Rainbow Blvd. – the historic Hotel Niagara – for the purpose of issuing a request for proposals for the complete renovation of the architecturally significant property.
“The Hotel Niagara has been vacant for far too long and today we are stepping up to lead the way toward redeveloping this landmark property,” USAN President Christopher Schoepflin said. “With the goal of entering into a partnership with an experienced developer, USAN will ensure that this property is put back into productive use that will contribute to the visitor experience in downtown Niagara Falls.”
The property, one of the few remaining structures that pre-date urban renewal demolition activities in the city, offers several benefits to potential developers, including eligibility for historic tax credits and its location adjacent to the USAN-owned Conference & Event Center Niagara Falls, Old Falls Street and the entrance to Niagara Falls State Park.
USAN will purchase the property from JSK International Corp. for the fair market value of the property, which is up to $4.4 million. Funding for acquisition and related interim holding costs, including inspections, insurance and property holding services up to $5 million, will be provided through the “Buffalo Billion.” USAN does not intend to own the property long-term, but will need to acquire, hold and insure the property for approximately 24 months after closing. Any future transfer for development will require additional USAN board approval.
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