NIAGARA FALLS —
A preferred developer is in place for a prime piece of real estate in downtown Niagara Falls.
City and state officials aren't disclosing the identity until it comes up for a vote during Wednesday's meeting of the city council.
The city and the state-run USA Niagara Development Corp. have settled on a developer to revitalize 310 Rainbow Blvd., a parcel formerly controlled by Baltimore developer David Cordish that is best known as the launching site of the city's old tethered helium balloon ride.
USA Niagara sent out a request for proposals seeking developers for the property last year. In December, the agency received a total of seven proposals. At the time, USA Niagara President Christopher Schoepflin said the list of interested parties included developers from the region, downstate or outside of New York. Those proposals were reviewed and scored by a review committee which made the recommendation for the preferred developer to be considered by the council on Wednesday.
Officials would not disclose the identify of the recommended developer, saying a formal deal had not yet been finalized.
Schoepflin is expected to reveal the winning proposal during the council’s 4 p.m. agenda review session.
“They are still working out the final details," said Laura Magee, a spokesperson for USA Niagara's parent group, the Empire State Development Corp.
Mayor Paul Dyster said the name of the preferred developer was being withheld until Wednesday when all members of the council could be notified. He said only that the developer in question came from a field of “multiple, good proposals.”
“The council has to make the official selection,” Dyster said.
City and state officials have previously suggested that the old balloon parcel would make a good spot for a major upscale hotel, retail outlet or some type of mixed-use facility. Officials would like construction to begin by the end of the year with the finished product to be ready in about two years.
This week’s city council meeting is being held on Wednesday due to the President’s Day holiday on Monday. The council will consider the balloon parcel proposal and other agenda items at 4 p.m. with the formal council meeting to follow at 7 p.m. Both meetings will be held inside City Council chambers at City Hall, 745 Main St.
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