Buffalo Central Union Terminal Redevelopment Financing Tied to Building Adjacent New Housing

The iconic Buffalo Central Terminal will be developed by a Toronto developer who also plans to construct housing in the neighborhood surrounding the long-closed train station.

Central Terminal is owned by Central Terminal Restoration Corporation and its rehabilitation will be financed by the sale of 400 to 500 new townhouses.

Developer Harry Stinson earlier won approval of the Buffalo Common Council to develop a master plan to transform the railroad depot into a mixed used facility that would include a hotel and banquet facilities.

Stinson will spend the next six months meeting with pubic officials, preservationists and neighborhood stakeholders to refine the station’s master plan.

He must buy the land for the townhomes from the city and pay it $1,000 a month during the length of the six-month agreement, which can be extended by six months.

Stinson said he expects to invest up to $100 million on the Central Terminal building.

He expects to sell the townhouses for $200,000 to $300,000 apiece and target them toward employees of the Buffalo Niagara Medical Campus.

He told the city that townhouses will help to create neighborhood that will have the feel of a village.

Some business that would cater to that neighborhood could be located within the station building.

Central Terminal opened in 1929 and closed in 1979. It once served 200 trains and 10,000 passengers a day.

A non-profit group acquired the station in 1997 with the idea of restoring it.

It has since repaired the four clocks on the office tower and reopened the main concourse in 2003.

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