Reply With QuoteSo we have a new building thats gonna be added to our 1 building skyline?
yay! lol
How close to reality is this? It is a little far off from downtown core....but great!!
A new $171 million, 25-story hotel is poised to grace Niagara Falls’ downtown landscape.
Owners of the shuttered Promex Medical building at 1001 Buffalo Ave. have decided that the best use of the property is to build a 1 million-square-foot hotel/condominium hybrid.
According to a report from the New York Society of Association Executives, Niagara Falls has a shortage of 1,500 hotel rooms.
“We need additional rooms,” said John Percy, president of the Niagara Tourism and Convention Corporation. “We want someone to come in and commit to a project.”
On Wednesday, an attorney representing the building’s owner asked the Niagara County Industrial Development Agency to continue the payment-in-lieu-of-taxes agreement that was afforded Promex. The PILOT payments have been current.
The company, a limited liability corporation affiliated with Rio Vista, Inc., is seeking a commercial payment-in-lieu-of-taxes agreement, as well as exemptions on sales and mortgage recording taxes.
“It’s a very good project in our estimation,” said Larry Witul, assistant director of the IDA.
The company would pay $45 million in PILOT payments over 10 years and would save $61 million in property taxes and $8.5 million in sales and mortgage taxes.
The property is currently assessed at $1.2 million. The current annual property tax payment is $41,365.
Mayor Vince Anello attended the IDA meeting in support of the project.
“They have a plan,” Anello said of the developer. “This is good news.”
Rio Vista, a real estate development and management company with holdings in New York, New Jersey and Colorado, purchased the property from Moore Business Forms in 1994.
Its tenant, Promex Medical, promised to create 140 jobs when it received IDA tax breaks in 2000, but never did.
Construction on the hotel will begin as soon as possible after the company is approved for any zoning changes that would be needed, according to an application filed at the IDA.
The hotel is expected to create 125 jobs in the first year of operation and 20 more jobs the second year. Estimates on how many construction jobs will be created by the project were not available Wednesday.
President of the company formed for the project, 1001 Buffalo Avenue, Niagara Falls LLC, is Erez Lapsker. Lapsker is also president of Rio Vista, Inc.
The Falls has lost conventions because of a lack of quality hotel rooms, including a convention of the New York State United Teachers.
According to Smith Travel Research, Niagara Falls has 52 properties with 4,315 rooms as of the end of 2006.
In 2006, the occupancy rate was 49.4 percent, an increase over 2005’s rate of 45.9 percent.
The Ramada Inn and Holiday Inn have closed in the last two years, which has worsened the city’s lack of rooms. Both properties were located within the 50-acre footprint promised to the Seneca Nation as part of the casino compact brokered by state officials in 2002.
However, conference attendees gained a new lodging option when the Crowne Plaza opened in December in the former home of the Holiday Inn Select on Third Street.
The tax assistance for the new hotel must gain approval by the IDA’s full board of directors following a public hearing.
So we have a new building thats gonna be added to our 1 building skyline?
yay! lol
I know NF has a lot of problems. When I go back, I can't believe how bad it is. But everyone there seems to look only at the negative side.
I live in Detriot now....it has it problems too, but there is a core of people who believe in the city and have started to bring it back. If you say something negative about Detroit on a blog site, you get attacked by people who love the city.
Where are those people in NF? Until they start standing up for the city, it will never come back!!
Its an indian reservation and an urban renewal dumping ground
What exactly in Niagara Falls is there to SAVE? You knocked it all down and converted it to an indian reservation that has just about every possible business part of the Casino (tax free).....making it practically impossible for an off reservation non-indian tax paying business to compete.....or risk hundreds of thousands of dollars on a business only to see the Senecas open a competing business and bankrupt them.
Niagara Falls sold its soul to the devil...and its going to spend the next 50 years incestuously tied at the hips to these demons
Tell me what Niagara Falls has to love...and has to save other than the american falls (great park), an outlet mall, Niagara U and the Power Authority but not an urban experience.
Are you trying to say its a big field or something?Originally Posted by Timmy
LOL
How do you carjack a cow?
Man, you have more crap than Carter has Liver Pills.
If it was not for the Senecas, Niagara Falls would be in worse condition than it is today.
In, lue of taxes they pay NYS and through NYS, NF gets a percentage of the slots income. So in a way, they do pay taxes, just in another form.
Because of the Senecas building and running a cassino and Hotel in NF jobs have been created that did not exist before. I believe over 4,000 to be exact, which did not count all the construction jobs.
The Casino and Hotel need supplies, which they get from local vendors.
The Resturants in the Casino, buy their baked goods from a local (NF) bakery, which had to hire additional personal to handle the increase in their business.
I have talked to the staff of the casino, and read reports in NF newspaper, and listened to the radio when they interviewed the casino, and Poltical folks of NF to keep up on the affects of the Senecas on NF.
How did they sell their souls to the Devil?? Because of the Senecas, we have more businesses moving in to invest in Niagara Falls. Because of the concerts they have, more people go to the Falls to not only see the entertainment, but to actually walk around the place. I among many people I know go their for the concerts, and now enjoy the Falls area.Niagara Falls sold its soul to the devil...and its going to spend the next 50 years incestuously tied at the hips to these demons.
Matter of fact, I have started going to Pete's Market, again, a place where my parents would take us kids when we were young.
I and my friends will go to the buffet, and it is good, then walk around the area, drive onto Goat Island, and spend time in the area. Something we wopuld not do before.
By the way, I and my friends are not gamblers, so we do not spend time at the slots or table, but I must admit, I like watching others spnd their money, just like those who will buy a ton of lotto tickets.
[QUOTE}Tell me what Niagara Falls has to love...and has to save other than the american falls (great park), an outlet mall, Niagara U and the Power Authority but not an urban experience.[/QUOTE]
Yes, it does not have an awful aamount to offer, but it is not the Senecas fault. It was a terrible place before they came and built. But now others are taking another look at it, and are willing to spend their money in NF for development. That has to speak volumes.
By the way, the Senecas are building a golf course and will be paying full taxes on it. Spending money on development (golf course are not cheap to build), and then there will be those who wil get hired to wordk at the goldf course. Also there will be a resturuant there (again fully taxed).
Please, you need to do your research before you make blanket statements.
Micheal
The Senecas should be paying full taxes on everything!
-Hotel
-Restaurant
-Parking
-Spa
-Theater
and they should be sharing revenue from the tables too.
and lets not forget that according to the contract the Senecas only have to stay in the gambling business for 15-25 years...I forget which....after that its still their reservation and they can keep their businesses but they still dont have to pay taxes.
I get the feeling you just do not like the Senecas. You have not addressed any one of my points to you.
WOuld you be complaining if a private buseiness were to come in and get IDA tax assistance so they would come out the same as the senecas???
By the way, the senecas do pay some taxes and fees, if you would only keep an oipen mind.
They pay for their utilities which include taxes, payroll taxes including the matching 7.651% on Social Security (the old name before they split it up), workmans comp, disability.
Besides this, they offer their workers a great health package, retiement, 401(k) plan, vacation days, sick pay. The benies are better than most companies in WNY.
The one thing I wish they would also do, is offer rental or option to buy housing for their employees.
Micheal
Yeah but Detroit has things we dont, like being "The Motor City" and the home of Motown
Does anyone have a drawing of what it might look like?
Your right, Detriot has more to rebuild from....but NF has to start somewhere.
I was wondering the same thing about a picture of the hotel?
But I am happy now....asking for a pictures shows me you are a little interested in positive things going on in NF!!!
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions