The USA Niagara Development Corporation (USAN), a subsidiary of Empire State Development Corporation, received approval from its Board of Directors on March 23, 2016 to acquire 201 Rainbow Boulevard - the historic Hotel Niagara. USAN, which is solely dedicated to the support and promotion of economic development initiatives in Niagara Falls, will take the lead in redeveloping this 12-story landmark property. Through a partnership with an experienced developer, USAN will ensure that this property is put back into productive use to contribute to the visitor experience in downtown Niagara Falls.
The property offers several benefits to potential developers, including eligibility for historic tax credits and its location adjacent to the USAN-owned Conference & Events Center Niagara Falls, Old Falls Street and the entrance to Niagara Falls State Park. Funding for acquisition and related interim holding costs, including inspections, insurance and property holding services up to $5 million, was provided through the Buffalo Billion.
USAN issued a Request for Proposals (RFP) in August 2016 for qualified developers for redevelopment of the Hotel Niagara. Responses were due October 31, 2016 and are currently being reviewed.
Built in 1924, the Hotel Niagara holds a prominent place in the downtown Niagara Falls, New York skyline. After decades of deferred maintenance, neglect and multiple changes in ownership, the hotel has been acquired for redevelopment. USA Niagara Development Corporation has acquired the hotel and issued a Request for Proposals for the complete renovation of the architecturally significant property.