Niagara Falls allocates $85M for redevelopment projects

The USA Niagara Development Corporation has approved a capital budget of over $85.8 million for 2025/26. This decision was made during a board meeting on Tuesday. The agency aims to support economic growth in Niagara Falls. USA Niagara is part of New York’s Empire State Development. Its goal is to promote tourism and attract private investments to the area. In addition to the capital budget, the board also approved an operating budget of more than $953,000. USAN President Anthony Vilardo mentioned that funding will focus on projects like the redevelopment of Rainbow Mall. Plans include improving public access and creating commercial opportunities. The project aims to transform the remaining 200,000 square feet of the former mall. Marvel Architects will lead this redevelopment project. The capital budget will also support renovations for the Hotel Niagara and the Heritage Gateway project. Another initiative, the Gorge Gateway, will turn vacant land into a recreational space, linking Niagara Falls State Park and downtown. Construction for the Hydraulic Plaza is also set to begin. This plaza will be developed on land between 1st and 2nd streets. It will reflect the historic canal that once powered local industry. Both the plaza and the gateway are expected to be finished by 2026. Additionally, USA Niagara is working on a pocket park in the 300 block of First Street. This area is also planned for a future hotel project. The board approved a budget of over $1.2 million for contracts with Destination USA Niagara, which runs the Conference & Events Center. The events center has seen strong recovery post-COVID, hosting 97 events in 2024 and generating over $3 million in revenue. With high demand, there’s limited availability for new bookings this year. Destination USA’s CEO noted that adding upscale hotels has made the city more appealing for conferences.