BUFFALO, NY- The question has lingered since the last Amtrak train rolled out in October of 1979, what to do with Buffalo's hulking Central Terminal?
A new plan was rolled out Thursday by the Central Terminal Restoration Corporation. The volunteer organization is proposing a $75 million dollar project that would see the 82-year-old building reborn.
The plan calls for loft apartments and market-rate retail/commercial space in the 17-story tower. It would transform the baggage building into a green business incubator to accommodate small business and light industrial uses. The main concourse area would be public space with restaurants, retail and seasonal kiosks. The plan would even restore rail service to the station by tying into the State's portion of the high-speed rail system.
Obviously, this is a plan that would need plenty of time and investment to complete. Much of the project cost, in fact, would go to masonry and roofing. Organizers say that they plan to carry out the development in several manageable phases.
The next question that arises is whether there is a market for what is being proposed. In recent years there have been dozens of real estate development projects converting old buildings into new lofts. Suzy Lenihan of MJ Peterson Realty is one of the top experts in downtown real estate trends. Lehihan says that while there have been a large number of lofts developed, the market is by no means saturated. She calls the Central Terminal plan an interesting initiative.