Renewal Community Incentive Revitalizes Downtown Niagara Falls

Niagara Falls, New York Renewal Community

Niagara Falls Mayor, Paul Dyster, left, Joins the Opening of Caffe Lola

Another sign of renewal in downtown Niagara Falls, New York is the complete renovation of 501-507 Third Street in the Niagara Falls Renewal Community (RC).  In June 2007 and April 2009, the building owners, CGGW, LLC, celebrated the grand opening of a new upscale wine bar, Wine on Third, and a restaurant, Caffe Lola, respectively. Wine on Third has wine experts who educate customers about wine and demonstrate wine-tasting techniques. Customers also enjoy small plate foods, imported cheeses and ice cream. Caffe Lola offers a chic menu that includes lunch and a light dinner menu in a casual setting. CGGW, LLC financed the renovation partly through a $390,000 RC commercial revitalization deduction (CRD) allocation.   The CRD allocation allowed the property owners to depreciate their capital expenditures over 10 years instead of the normal 39 years.  The CRD is one of several tax incentives available to eligible businesses located in the 40 urban and rural Renewal Communities that HUD designated in 2001.

Wine on Third

Finding funding for the project was difficult and the building had been vacant with no tenants. The substantial renovation of the entire building included work on both the interior and exterior.  The second floor was renovated into upscale loft apartments with open floor plans and all updated mechanical systems.  

 Caffe Lola and Wine on Third are attractive, inviting offerings to the residents of Niagara Falls and western New York and to the millions of tourists that visit the national wonder of the majestic Niagara Falls.

For more information on the programs of the Niagara Falls RC, please contact Niagara Falls city Economic Development Specialist, Tom Tedesco, at (716) 286-8834 or visit the city's Web site at www.nfez.org.