BUFFALO, N.Y. (WIVB) — Developers are talking about the new life they want to bring to the Central Terminal saying they think it really has the potential to bring a big impact to the entire community and the City of Buffalo.
Stinson Properties has been spending nearly a year developing their plan for the former train station. The Toronto-based group says they want to put in a hotel, event center, and film studio, believing it’ll attract people to the city and spur job creation.
“We have an underemployed market here is looking for jobs,” said Doug Swift, an architect.
The historic building has been generating a lot of interest lately, beginning when city officials were interested in moving a new train station there. They wound up passing up on the site, going with the idea to build a new station in downtown Buffalo. Days after that, the group which owns and operates the Central Terminal, the CTRC, decided to cut ties with Stinson.
The CEO says it came unexpectedly.
“We’re not going away,” said Harry Stinson, CEO of Stinson Properties.
He is interested in buying the building which is nearly 90 years old. He says it’ll cost at least $150million to renovate it and they’re willing to put down $10million right away to stabilize the structure before getting started on restoration.
“It’s a process,” said Stinson. “We’ve done it before it’s not so insurmountable.”