Project Basics
Location
Buffalo, NY
MSQUARED ROLE
Co-Developer
NUMBER OF UNITS
367
PROJECT TYPE
Mixed-Income, Mixed-Use, Multifamily
TOTAL COST
$160M
Project Details
Location
Buffalo, NY
PROJECT TYPE
Mixed-Income, Mixed-Use, Multifamily
MSQUARED ROLE
Co-Developer
TOTAL COST
$160M
NUMBER OF UNITS
367
Project Overview
MSquared, Pennrose, and the Westminster Economic Development Initiative (“WEDI”), in partnership with The Erie Canal Harbor Development Corporation (“ECHDC”), will transform a 2-acre site into a mixed-income, mixed-use development that will be integral to the ongoing revitalization of downtown Buffalo. The North Aud Block Redevelopment will include 367 mixed-income residential units, 70% of which will be affordable to households earning between 40-130% AMI, as well as a ~55,000 SF commercial program, 20,000 SF of open space, and connections to mass transit and multi-modal pathways that will add to the vitality of the area. The project will provide a range of services and experiences that will cater to a wide demographic of residents and tourists, including restaurants, retail outlets, cultural attractions, vast public spaces, and increased access to the Buffalo River.
Impact
Affordability
North Aud Block will provide a range of housing options for all family sizes and income ranges. As currently contemplated, 50% of units will be affordable to households earning between 40% and 80% of AMI, 20% of units will be affordable to households earning below 130% of AMI, and the remaining 30% of units will be unrestricted market units.
Sustainability
The project will be all electric and LEED Silver certified and will incorporate sustainable and resilient elements throughout the buildings and open spaces.
Diversity
MSquared, a women-owned firm, is co-developing the project. Marvel, a certified MBE, is serving as the architect for the project
WEDI’s participation as a project partner and tenant of the commercial space will increase its capacity to serve aspiring and early-stage entrepreneurs and provide diverse entrepreneurs with resources and opportunities that position them to participate in Buffalo’s economic revitalization.
Finally, the development team is committed to maximizing the participation of local, minority and women-led firms throughout the development and commercial leasing process, targeting at least 30% participation in all project components.
