2020 Real Estate QLICI of the Year Award Recipient
CDEs: Building America CDE, National Trust Community Investment Corporation
Developer: Buffalo Urban Development Corporation
Owner: Buffalo Urban Development Corporation
Location: Buffalo, NY
The 683 Northland development in Buffalo, New York, involved the stabilization, remediation and redevelopment of the Niagara Machine and Tool Works complex—one of the largest manufacturers of machines and tools for working sheet metal. The rehabilitation of the industrial facility provides space for developing and maintaining a skilled workforce to meet the needs of the advanced manufacturing and energy sectors, and helps innovation-driven businesses excel.
The CDEs for the development—Building America and National Trust Community Investment Corporation—provided crucial funding that filled a significant financing gap without the need for more permanent debt. The NMTC financing allowed for a vacant, dilapidated warehouse to be adaptively reused into a vocational training facility for quality jobs in the advanced manufacturing and energy sectors.
“The Northland Workforce Training Center project has exceeded all our expectations,” said David Stebbins, executive vice president of Buffalo Urban Development Corporation, the developer of 683 Northland. “It has been transformational for the community; it is an award-winning historic preservation project; it has been hugely successful as a new workforce training program; and the community benefit goals for the construction portion also exceeded our goals for minority business and workforce participation. The Buffalo Urban Development Corporation–our chair, mayor Byron W. Brown and our entire board of directors–and our primary sponsor, Empire State Development, are extremely proud of what we have achieved. We are very thankful to Build America CDE, National Trust CIC and Citibank for their new markets tax credit investment in this project that helped make it happen and for the recognition this award from Novogradac brings to this project.”