Local leaders are hoping a new multi-million dollar investment from the government will be enough to get a big development project to the finish line.
A new $54.5 million dollar investment for the next phase of The Cars Sharing Main Street Project was announced on Monday. The project has used a phased approach has to return vehicular traffic to Main Street block by block.
"Returning vehicular traffic to Main Street and associated infrastructure improvements are driving private sector investment, increasing property values, creating interest in downtown living, and generating business activity where it languished previously", said Congressman Brian Higgins.
With this new investment, The Cars Sharing Main Street project has now received more than $107 million in federal, state and city funding. The next phase will focus on the stretch of Main Street from Exchange Street near Seneca One Tower to Mohawk Street.
"Right now we are actively working with the NFTA. The NFTA has some funds they are looking to invest to take this $54 million we have today, putting it all together, and see exactly the best way to progress that," said Mike Finn, The Commissioner of Public Works for the City of Buffalo. "In a perfect world we would get it all done. That is the goal that we are starting with, but that still remains to be seen if we have the funding to do that."
Buffalo Place says that the Queen City has experienced economic growth as a result of the project. Buffalo Place recently reported a 359 percent increase in downtown housing units in the Central Business District since 2000.
Designers are expected to immediately go into the design phase. Construction could begin in late 2023.