Governor Hochul Announces Start of Construction on 950 Broadway Development in East Buffalo
September 27, 2023
Project Features 28 Affordable Housing Units and Free Head Start Child Education Program
One Of 11 Projects For Buffalo's $10 Million Broadway-Fillmore Downtown Revitalization Initiative Award, See Renderings Here
Governor Kathy Hochul today announced the start of construction for 950 Broadway LLC in East Buffalo. The $13.5 million project, by Cedarland Development LLC, will renovate and convert a 50,000 square foot, vacant and underutilized building in East Buffalo into a mixed-use development, featuring 28 affordable housing units, a free Head Start child education program and a proposed indoor urban farm. The building has been unused for 18 years, with portions of the building being vacant for decades prior. Once complete, the renovated 950 Broadway will bring new life to the former retail store-turned-office building near one of the most visible intersections in East Buffalo. Governor Hochul previously announced 950 Broadway LLC was chosen with 10 other transformational projects in Buffalo's Broadway-Fillmore neighborhood as part of a $10 Million Downtown Revitalization Initiative Award.
“The groundbreaking for 950 Broadway today is a new beginning for this long vacant, prominent structure in East Buffalo,” Governor Hochul said. “Once a blight on the Broadway-Fillmore neighborhood, the historic building will now be a community anchor and catalyst for economic development. Homes will be made here, and we look forward to welcoming new neighbors to the Buffalo community.”
Located at the corner of Broadway and Fillmore, the former Eckhardt’s and Kobacker’s department store will contain 28 affordable apartments and a Head Start children’s education program run by the Community Action Organization. An indoor urban farm has been proposed for the building’s basement. Apartments in the building will include ten studio apartments,12 one-bedroom units and six two-bedroom units.
Buffalo’s Broadway-Fillmore was a DRI winner in Round 5. Located in East Buffalo and one of the city's oldest neighborhoods, the Broadway-Fillmore Neighborhood is the focus of Buffalo’s plan for a downtown investment. The Broadway-Fillmore Neighborhood, with a relatively dense stock of largely historic commercial buildings, set forth a vision of creating special urban places, key park spaces, retail-oriented streets, improved neighborhood connections, bike and pedestrian connections, streetscape improvements, and public realm improvements. Building on this momentum, Buffalo aims to encourage more redevelopment of vacant structures, provide better connections between anchors and amenities through greenspace, increase affordable housing opportunities, and enhance the streetscape.
To assist Cedarland, New York State is providing a loan valued at $900,000 and grant valued at $1.1 million from Empire State Development’s Better Buffalo Fund to support the commercial renovations and building’s stabilization. Additionally, the project was awarded a $427,150 grant for the buildout of the daycare facilities through the Department of State’s Round 5 Downtown Revitalization Initiative for the Broadway Fillmore Neighborhood. New York State Homes and Community Renewal (HCR) is providing $2.1 million in construction and permanent financing toward the affordable housing portion of the project through its Small Building Participation Loan Program. The Community Preservation Corporation (CPC) is providing a $7.8 million construction loan, as well as a $3.2 million SONYMA-insured permanent loan financed through its partnership with the New York State Common Retirement Fund. In addition to the developer’s contributions, over $2.9 million in Historic Tax Credit Equity and additional incentives from National Grid round out the project’s sources. The State of New York Mortgage Agency’s Insurance Fund is providing mortgage insurance on CPC’s permanent financing.