The Central Terminal Restoration Corporation (CTRC) has announced its intentions for adaptive reuse plans that would see the terminal as public/private development in the realm of a Center for Restoration Arts & Sciences. The recent developments are based upon a number of groups that have toured the complex and identified synergies that would lead toward tenancy and development prospects (a mix of private developers, local foundations, Government, Education, the Arts and neighborhood nonprofits). “Interest in this adaptive reuse project is escalating from nonprofits to new businesses,” stated Paul Lang, CTRC VP and Real Estate Development (RED) Committee Chair. “We have also met with local developers who have a vested interest in our city’s economic growth with the vision of our project becoming both a regional and New York State asset,” he continued.
The model that the CTRC is looking at is similar to one that is already working in Colorado. In fact, the CTRC Real Estate Development Committee is planning on making a trip to Colorado to learn exactly how the State is able to see a significant return on similar investments. “In Colorado, every dollar the State invested brought an economic return of $11.00,” said Executive Director/CEO Marilyn Rodgers. “The model is also acutely similar to the same geo- and demographics as the surrounding neighborhood of the Terminal. It focused on workforce and economic development as well as neighborhood reinvestment and was able to provide a platform of success for their direct region and the State of Colorado.”
As of late, through a series of initiatives, the CTRC has been able to attract in-kind restoration services, which have helped to secure the building, while offering a look at different sustainability methods. Mark Lewandowski, President of the corporation stated “The new roof membrane is Energy Star compliant and also provides additional reflective qualities that will complement our new Solar PV system provided as an in-kind donation from Solar Liberty for increased energy storage.”
Much of the immediate interest that we are seeing is being driven by smaller incremental investments with the longterm intention to create enough interest in the building as a future hub for either Light Rail, a component of the Belt Line, or connector hub for High Speed Rail. That could be meshed together with other strategies, such as partnerships that are being cultivated at this time with local institutions of education and the arts.
As for additional short term plans, the CTRC has stated that it is “moving forward with Gustavino Tile in the Main Concourse, brownfields remediation plan and general utilities and improvements, additional historic restoration and remediation of all masonry and windows along with new systems for HVAC Cutilizing Green Technologies, and will be working closely with UB Law School students regarding surrounding property remedies.”
A formal announcement will be made this summer during a public meeting that will spell out the details of the plan.
For more information or to obtain an Interest Survey contact Marilyn Rodgers, Executive Director/CEO by phone at 716-440-1106 or by email at email@example.com.
Image: Notecard form the CTRC’s website