Fund Category: Pool of Assets
Niagara Falls North Development Fund One, L.P. is a comprehensive Main Street revitalization project in one of the five opportunity zone census tracts of Niagara Falls, NY. After acquiring a portfolio of 38 properties on or near Main Street in June 2019 and winning a $10m Downtown Revitalization Initiative grant, the properties are shovel-ready for redevelopment. In December 2020, the development neighborhood was declared historic by the New York State preservation board and historic tax credit approvals were achieved. Proceeds from selling the tax credits upon hitting certain construction milestones will be used to redeem investors. All the buildings will be mixed-use with retail on the first floor and office/multifamily on the upper floors. The fund is closely coordinated with the city’s economic redevelopment master plan and local institutions such as Niagara University and Niagara Falls Memorial Medical Center.