BMHA Board Of Commissioners Approves Multiple Actions Moving The Transformational Marine Drive Apartments Redevelopment Closer To Construction
Buffalo, NY – The Buffalo Municipal Housing Authority (BMHA) Board of Commissioners today approved several actions required to commence Phase I construction of the new Marine Drive Apartments.
“The commissioners approved seven actions that will launch this transformational afford able housing project from its initial stage to the construction stage. These items might not sound exciting, but they are the critical pieces in our effort to make this once-in-a-lifetime project a reality,” said BMHA Executive Director Gillian D. Brown.
Actions approved to facilitate the first phase of the massive three phase, affordable and middle-income housing project include:
Entering into a ground lease with Marine Drive Apartments I LLC (the new ownership entity) and Bridges Marine Drive Housing Development Fund Company,
Taking necessary steps for the project to meet the requirements of the federal Department of Housing & Urban Development’s Rental Assistance Demonstration Project conversion and construction regulations.
Entering into a property maintenance agreement with Marine Drive Apartments I LLC and/ or Habitat Property Management of NY for the BMHA to provide property maintenance services when construction is complete,
Providing guarantees with Bridges Development, Inc. for financing of the development’s construction and operation,
Granting $4 million of capital funds to Bridges to assist with construction costs,
Lending $900,000 in grant funds received from the City of Buffalo’s Capital Bond Fund to the new ownership entity,
Amending the origi nal 1961 loan and subsidy agreement among the BMHA, State of New York, City of Buffalo, and the Buffalo Sewer Authority, which paid for the original construc tion of the Marine Drive Apartments.
The development’s surface parking lot, where the $240 million Phase I will be built, was closed on Monday, July 14, to make way for pre-construction archeological work. The BMHA has leased 300+ parking spaces at the nearby Waterfront Village Center for residents to use until the first phase of the project is completed in early 2028.
Environmental site work and the start of construction will follow the project’s August financial closing.
In addition to 254 apartments, the new development will fea ture an enclosed parking garage capable of accom modating 188 vehicles, as well as community rooms and commercial space. The site will feature a 12-story building with 150 one-, two-, and three bedroom apartments, a three-story, rowhouse style building with 12 units ranging from studios to four-bedroom units, and a seven-story building with 91 one- and two-bedroom units.
When all three phases are complete, Marine Drive will expand from 616 apartments to 686 units, and all seven of the original 12-story apartment towers will have been demolished.
Today’s board meeting was held off-site at the BMHA’s Holling Homes development in North Buffalo. Next month’s session will be held at the Martha Mitchell Community Center, 175 Oakmont Ave., on August 21.