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Jan 13, 2020

Opportunity Knocks: 235 River Road Portfolio

A significant property in N. Tonawanda is on the market. The 235 River Road portfolio is being listed by Hanna Commercial Real Estate for $889,000. While there are two buildings on the site, this property is calling for a fresh, significant mixed use development due to its close proximity to the water. Anything built up at this property would have views onto the water. The parcel is also in close proximity to Riviera Theatre and The Canal, with immediate access onto Tonawanda Island.

According to Hanna Real Estate, the parcel has already been been issued a Downtown Mixed Used designation. Among a number of tax incentives available there are also Brownfield and Environmental Incentives, as follows:

Niagara County Brownfield program can assist with grant funding to pay for both Phase 1 and Phase 2 environmental site assessments.

Niagara County Brownfield Loan Program:

A low interest loan provided by Niagara County is available to fund clean-up of brownfield sites. Loan terms include: no interest and no payments for 12 months, interest-only payments for months 12-24, 0.5% interest for the loan term, flexible terms up to 10 years. No minimum or maximum loan amount.

New York Brownfield Cleanup Tax Credits:

New York State provides development tax credits for projects in the State Brownfield Cleanup Program (BCP).  The developer must apply and enter into the BCP before remediating and redeveloping the property to be eligible. Once cleanup is completed, a development on Tonawanda Island would be eligible for a tax credit worth 15% of the total development cost. The value of the tax credit caps at $35 Million or three times the cost of brownfield remediation, whichever is lower.

National Grid Brownfield Redevelopment Assistance:

National Grid offers grants of up to $300,000 to offset cleanup costs of brownfield sites within their service area.

This area of North Tonawanda is loaded with opportunities, a number of which have been seized upon by keen developers. Now, this 3.25 acre lot is prime for a development project that would take advantage of all of the site’s inherent assets. The right project could help to advance the forward momentum significantly.

Published by Buffalo Rising

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