WHY INVEST IN BUFFALO?
ONCE THE QUEEN CITY OF THE GREAT LAKES DISTRICT
Craig’s home town Stoney Creek now annexed by Hamilton is one of the many steel towns known as being part of the “Rust Belt” throughout New York State, Ohio, Pennsylvania, Indiana and Illinois.
They all lost their mills in the seventies and eighties some still sitting ruined and rusted, others like Buffalo are starting to be razed and rebuilt , representing part of a boom , bust and rebuild landscape.
Recent regulations to encourage “Brownfield Redevelopment” of lands environmentally contaminated together with grant and tax incentives have created opportunities for private developers to now take an interest in developing former steel mill sites. Such a site, 10 kilometers south of Buffalo in Lackawanna , is the old Bethlehem Steel property on 1500 acres overlooking Lake Erie. Tracks of land such as this one are making space for more diversified light manufacturing, healthcare, education, arts and technology!
It’s not an overnight thing but the tide is certainly turning, creating jobs and investment opportunity. Buffalo’s current rebuild is that a lot of little things that are starting to happen in a parallel universe.
This community has the market investment fundamentals:
- Population and job growth
- Steady and affordable housing prices
Buffalo has the reputation for conservative steady growth and only moderate declines during market corrections such as the 2008 crash. A recent study of average home price data by ZILLOW showed Buffalo out performing 49 of the largest metropolitan areas in USA for having the lowest risk real estate market since 1979. This was clearly illustrated during the depths of the 2008 crash. Western New York had maintained a gradual rise will little or no loss as compared to other cities such as
Pheonix, San Fransico, Las Vegas , Washington D.C. , New York City and of many smaller cities throughout Florida.
Excellent Cash Flow Rental Market
Rochester and Buffalo have consistently ranked in NU WIRE’S TOP 10 CASH FLOW MARKETS actually in 2013 Rochester came out as number one on the list .
Major Developments resulting from Governor Cuomo’s Billion Dollar Initiative
WHO IS STEPPING UP?
B.Q. Energy a Poughkeepsie based company that develops wind energy on Brownfield sites responded to a proposal in the late 90’s and a wind turbine operation was built in 2007 producing 35 Megawatts of energy annually enough to power 9,000 homes .
In Buffalo south on 88 acres formerly the Republic Steel site a 1.2 million square foot operation is being built by Solar City a project from Elon Musk . (the visionary and founder of the electric car company Telsa Motors )is set to begin operation the end of 2016. The $5 billion dollar Solar City project will be the largest manufacture of solar panels in the western hemisphere and will employ 3,000 Buffalonians.
It makes Solar City a model case for the “Buffalo Billion” program announced by New York Governor Andrew Cuomo in 2013. The program supports sectors of business poised for massive growth in advanced manufacturing, health sciences and tourism.
IS IT WORKING?
In 2014 , 6,932 start up companies applied . Eleven others received cash grants of between $1 million and $250,000.00 to set up shop in Buffalo. The recipients came from Taiwan, Scotland, Florida and Ontario. Their businesses ranged from social media, biotechnology to metal forming.
The Ontario company much to Craig’s delight was Trophy Foods of Mississauga , a leading supplier of high quality edible nuts since 1967. He personally have followed their progress since doing business with them in the early days through his family’s supermarket business. They have gone on to much success in the US , landing national distribution with Walmart and Whole Foods.