Project brings new residential, commercial opportunities to Third Street business district
Submitted on behalf of USA Niagara Development Corp.
USA Niagara Development Corp. (USAN) announced 466 Third St., in Niagara Falls, is now complete, adding value to the Third Street business district, and providing new residential and commercial opportunities.
Cataract Development Corp. rehabbed and renovated the former USAN-owned property into a mixed-use development with eight apartment units and two commercial storefronts. The project also included updating the building’s systems and façade. See pictures here.
This project was completed as part of Gov. Kathy Hochul’s Niagara Falls Strategic Land Acquisition Program.
“USAN, under Gov. Hochul’s leadership, is working hard to create a vibrant, pedestrian-friendly neighborhood on Third Street with commercial, retail and residential development that reflects multiple market segments, and will also ultimately draw more tourists and visitors to downtown Niagara Falls,” USAN President Anthony Vilardo said. “Cataract Development Corp.’s 466 Third St. site is a model for the type of project that is critical for the continued development of this district.”
“We are very pleased with the end result of our latest downtown Niagara Falls rehab project,” Cataract Development Corp. President Matt Cafarella said. “The residential portion of this property located at 466 Third has been vacant and extremely dilapidated for almost two decades. The amount of damage to the structure made this very challenging. I’m proud of the work of our crews at Cafarella Concrete that made this happen in such a fast timeframe. We want to thank USA Niagara and the City of Niagara Falls for their assistance getting this project to the finish line.”
In August 2018, the USAN board of directors approved acquisition of several properties, including 466 Third St., as part of the strategic land-acquisition program funded through New York state. The program is intended to assemble long-dormant properties near Niagara Falls State Park, to remove blight from the downtown area, and expand the density of uses in the area, with a goal of establishing a year-round, sustainable neighborhood. USAN accepted Cataract Development Corp.’s proposal to rehabilitate and renovate the building and purchase the property from USAN.
The property includes: two first-floor commercial spaces, currently leased by local pizzeria Donatello’s Restaurant and the Hammer & Crown Brewing Co.; and eight apartment units, including six studios and two one-bedroom apartments. Cataract Development Corp. invested $550,000 to rehabilitate and renovate the apartments portion of the building.
City of Niagara Falls Mayor Robert Restaino said, “Cataract Development Corp.’s completion of 466 Third St. is a positive step in recreating a vibrant downtown business district. As one of several properties purchased by USAN, our city is hopeful that this is the beginning of further productive development of these long-dormant properties. Congratulations to Cataract Development Corp. on the successful completion of this project.”
Cataract Development Corp., based in Niagara Falls, owns other properties in the Third Street neighborhood, and has a history of rehabilitating once thriving, locally significant buildings and restoring their former glory – while making them sustainable for the future. It aims to enhance the surrounding neighborhood, both aesthetically and functionally, while creating a valued, accessible and successful residential and commercial community.
USAN, a subsidiary of Empire State Development, is solely dedicated to the support and promotion of economic development initiatives in Niagara Falls by leveraging private investment and encouraging growth and renewal of the tourism industry in the City of Niagara Falls. For more information, visit https://esd.ny.gov/usa-niagara-development-corporation-6.