One Niagara owners eyeing state grant
Apr. 2—The owners of the One Niagara Welcome Center in downtown Niagara Falls are working with city and county officials on an effort to secure $2 million in state grant funds as part of a $5 million plan to renovate the Rainbow Boulevard building's facade.
The county's Center for Economic Development has prepared an application requesting funding for the project through the Restore NY Communities Initiative Municipal Grant program, which provides municipalities with financial assistance for revitalizing commercial and residential properties.
A representative from the county's economic development office said Tuesday that the total project cost is expected to be $5 million.
Under the terms of the state grant, the owners of the building, located at 360 Rainbow Blvd., would be required to provide a 10% equity match and pay a $1,000 application fee. The application and the project would come at no direct cost to the city itself.
The state's lead economic development agency, Empire State Development Corp., reviews all Restore NY grant applications and would be responsible for making final award determinations.
A resolution supporting the grant application has been placed on the agenda for Wednesday's Niagara Falls City Council meeting, which will include a 6 p.m. public hearing on the proposal.
A resolution supporting the grant application from Mayor Robert Restaino's administration argues that replacement of the building's facade will "allow for a much more visually appealing site in the downtown core and enable the property to be marketed to higher-end tenants that will provide tourists with the experiential accommodations they seek."
It also notes that the Welcome Center is the "most prominent" facility of its kind in the downtown tourism area and notes that the project is "consistent with the city's local revitalization or urban development plan."
Council Chairman Jim Perry said he is aware of the proposal and that he anticipates council members will be provided with more details before Wednesday's meeting. He said it is possible the resolution could be tabled to allow lawmakers additional time for review.
"They are supposed to be giving us a packet explaining some things to us," Perry said. "I don't plan on jumping into anything right away. I'll listen to what they have to say."
The nine-story glass-covered welcome center, which for years was known locally by its nickname, "The Flashcube," formerly served as headquarters for the Occidental Chemical Corp.
It became mired in controversy in the late 1990s when a group of developers attempted, and failed, to develop a $45 million underground aquarium on the premises.
The effort resulted in a 40-foot-deep hole being dug and left empty outside the building for seven years before a new ownership group, led by Niagara Falls Reporter Publisher Frank Parlato Jr., filled the hole in and converted the building's first two floors into a welcome center that features vendors offering food, T-shirts and other items.
In 2010, a new ownership group, led by Lewiston attorney Paul Grenga, assumed control of the property.
Last October, the owners opened a combination arcade and virtual reality experience called VR Arcade on the building's third floor.
