Two Erie County companies that have been involved in previous Niagara Falls developments will have the chance for more work in the city's Third and Main Street corridors.
The state's USA Niagara Development Corp. on Monday approved transfers to TM Montante Group and SJI Main for work on sites that the state acquired from Tuscarora entrepreneur Joseph "Smokin' Joe" Anderson in 2018, using Buffalo Billion funds.
TM Montante, the Town of Tonawanda development company that renovated a vacant building in Niagara Falls into a multitenant facility, will try to transform two other Falls buildings. USA Niagara Development Corp., the local branch of Empire State Development, on Thursday named Montante its preferred developer for two buildings and two lots in the 500 block of Third Street
Montante plans $4.25 million worth of work in two existing buildings at 500 and 512 Main St., with a parking lot at 503 Main and a vacant lot at 518 Third St. also being turned over to the Town of Tonawanda company.
Montante was named the state's preferred developer for the sites in January 2020.
The company has yet to choose which building it will rehabilitate first, but the eventual result is to be a pair of retail or restaurant buildings connected by an outdoor seating area.
In 2019, Montante redeveloped three century-old buildings at 616 Niagara St. in the Falls into commercial space with 17 apartments on upper floors. That $5 million project is anchored by the headquarters of the Niagara Global Tourism Institute and a co-working space, called TReC.
Two nearly vacant buildings in downtown Niagara Falls, totaling 27,000 square feet, are to be revived by a Buffalo company that specializes in managing apartments. SJI Main LLC, which bought the three-story buildings at Third and Main streets earlier this year, was approved Wednesday for a Niagara County Industrial Development Agency incentive package that would save the company an
Also on Monday, SJI Main was given vacant lots at 554 and 558 Third St. to support projects that the Buffalo company presented in 2019, which called for 42 apartments and six commercial spaces in two existing buildings at Third and Main.
The Niagara County Industrial Development Agency granted SJI Main an inventive package for that work in October 2019. The number of apartments is now 36, but the price of the project now stands at $3.7 million, up from $3 million two years ago.
The deal approved by the USA Niagara board gives SJI Main additional parking for its mixed-use development, as well as another potentially-buildable lot.
SJI Main, which manages more than 200 apartments in Buffalo and the Town of Niagara, acquired the three-story buildings at 530 and 552 Main St. for $750,000 in April 2019, according to Niagara County land records.
The companies were not charged for Monday's land transfers.
“With these two projects, USA Niagara is facilitating the growth in the residential market and revitalization of the tourism industry in downtown Niagara Falls,” agency chairwoman Francine DelMonte said in a news release. “These long-dormant properties will see new life that will add to the character and vibrancy of the Third Street business district.”
“With these transfers, USA Niagara has placed properties important to the district’s growth into the hand of developers committed to investing in our community," Mayor Robert M. Restaino said.