Construction of new medical buildings is spurring development in Buffalo and bringing advantages to the city, according to reports.
The Buffalo Niagara Medical Campus was built 13 years ago to jump-start health care in the area. It had the added benefit of drawing some $400 million in development in the area.
Buffalo News recently analyzed real estate in the city, and found that 30 separate developers and investors had either renovated or bought over 100 run-down or mostly vacant commercial properties near the medical campus. The buyers spent over $41 million to obtain the properties, which lie near Metro Rail and on streets close by.
They plan to spend an additional $350 million to improve the buildings. The developments lie along Main Street's medical corridor running from William Street on the south to Hertel Avenue on the north.
These investors are bringing money to Buffalo, which will help in the city's economic resurgence. It's also making these canny investors wealthy. The development will enable Buffalo to raise much-needed capital through increased taxes on the renovated properties. In addition, the new investment may well turn a somewhat dilapidated area into a trendy one.
Buffalo city officials could work with brochure printers to create a mailer targeted at commercial realtors, suggesting properties they might offer to their clients for consideration.
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