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Request More InfoP3 spearheads neighborhood revitalization in Western New York
New York – A public-private partnership (P3) between New York State’s Empire State Development, local municipalities, and private philanthropic partners launched the Regional Revitalization Partnership targeting economically distressed city neighborhoods in Buffalo, Niagara Falls, and Rochester.
The multi-year collaborative initiative is a $300 million private and public regional co-investment in the three cities. This community-driven strategy seeks to build local wealth and empower residents using a model that drives economic development through government and philanthropy partnerships.
Buffalo Central Terminal rendering
By co-investing in projects and programs aimed at improving economic conditions to benefit these communities’ residents and businesses, the partnership will maximize social and economic impact in these three Western New York cities.
The initiative, which was strategically developed with community partners, includes major investments in several highly visible projects and programs that would achieve long-standing community goals in each city, including a combined:
- $180 million effort in Buffalo focusing on an expansion of projects and programs being conducted on its historic East Side, including undertaking major portions of long-term capital projects, such as: more than $60 million for the Buffalo Central Terminal and its steward organization; $37 million for Broadway Market capital improvements and to set up a not-for-profit operating entity; major investments in the Michigan Street African American Heritage Corridor; and to restore historic greenhouses at Martin Luther King Jr. Park.
- $40 million effort in Niagara Falls that will supplement initial funding growing out of local planning efforts, including a $19 million program focused on food entrepreneurship anchored around its historic City Market area along Pine Avenue; a $15 million program to restore, highlight and promote various heritage, and community anchor facilities; and $5 million of small business assistance programs in the commercial district target areas.
- $80 million effort in Rochester, which could include major additional investments in that city’s ongoing waterfront efforts, such as ROC the Riverway and High Falls State Park; further support/expansion of a multi-faceted workforce training programs/facilities; and targeted small business assistance along commercial corridors in its most disadvantaged neighborhoods.
New York State will commit $200 million, a foundation, along with other philanthropic and corporate partners will commit $81 million, and the remaining $19 million will come from each city’s local government.
