Pay close attention..........the low interest rates made possible by Bernanke's policies have not only not generated the inflationary cycle that you and Zero Hedge were so sure would happen but its causing minor booms in cities like Buffalo that have been on the ropes for decades. That's creating lots of new jobs.
The Buffalo Boom
After decades of stagnation and decline, this Rust Belt city is finally on the upswing.
Buffalo Canalside by Perkins Eastman.
Courtesy Perkins Eastman
The Buffalo State Asylum for the Insane, designed by H.H. Richardson with a landscape by Frederick Law Olmsted, has been a mighty but ghostly presence since it was largely abandoned in the 1970s. Preservationists have long fought to save the monolithic complex that stretches across roughly 90 acres. Now, their efforts are paying off, with work under way to transform a portion of the late-19 -century structure into a boutique hotel, conference venue, and an architecture center.
“We’ve been lucky,” said architect Barbara Campagna, while giving a hard-hat tour of the facility on a steamy summer afternoon. “It’s such a sound building—it’s still in decent shape.”
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Site plan (left) of the Buffalo Canalside project (right).
Courtesy Perkins Eastman
| Campagna sits on the board of the Richardson Center Corporation, which is tasked with overseeing the site’s redevelopment. While the group has engaged a lengthy roster of consultants over the years, the current design team comprises Flynn Battaglia Architects, Deborah Berke Partners, and Goody Clancy. Public and private money is funding the estimated $56 million project.
The adaptive reuse of the Richardson Olmsted Complex, as it’s now called, is just one of dozens of notable projects moving forward in Buffalo. Indeed, Mayor Byron Brown had much to trumpet when he stood before 1,100 constituents to deliver his State of the City address this past February. Beleaguered for decades by a stagnant economy and depopulation, this Rust Belt city is finally on the upswing. Construction projects totaling more than $1 billion are in the works, from quaint hotels to large mixed-use complexes, with an eye toward regenerating downtown. “The city is the strongest it’s been in years,” Brown told the optimistic crowd.
The planned Univeristy of Buffalo Medical School by HOK.
Courtesy HOK
Why the turnaround? Many attribute the boom to low interest rates combined with the city’s upgraded credit rating. State and federal tax credits to revitalize historic buildings have also proved alluring. Moreover, in 2012, Governor Andrew Cuomo pledged $1 billion in incentives for private-sector development. It all amounts to a renaissance for a city that hopes to return to the glory of its Industrial-age heyday.
“Our plan is to address the impediments that have held back growth: To turn older buildings into adaptive reuse projects, to focus on creating funding sources to stabilize distressed neighborhoods, to have a more vibrant waterfront,” explained Brendan Mehaffy, executive director of the city’s Office of Strategic Planning. “We’d definitely like to see a population increase,” he added, “but we are focused on making a Buffalo that Buffalonians can really enjoy.”
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Details of the Buffalo Medical School (left, center) and and interior rendering (right).
Courtesy HOK
| To get a sense of how much this Upstate New York metropolis once prospered, one need only take a stroll down Millionaire’s Row, a street lined with palatial historic mansions and vast lawns. Buffalo had much going for it through the first half of the 20th century. It was an industrial powerhouse, a prime shipping hub due to its location on the eastern shore of Lake Erie and at the western terminus of the Erie Canal, and was the second-most-trafficked railroad center for years (after Chicago).
It’s not surprising that, given its wealth, the city evolved into an architectural mecca, with a standout collection of buildings by masters such as Louis Sullivan, Daniel Burnham, and Frank Lloyd Wright, as well as an extensive park system conceived by Olmsted.
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