Community Preservation Corporation Closes $3.17 Million Loan for Redevelopment of Historic Main Street Property

Three-building transformation will deliver affordable housing and commercial space to city’s growing Midtown neighborhood

BUFFALO, NY (December 2, 2025) — The Community Preservation Corporation (CPC), in partnership with New York State Homes and Community Renewal (HCR), announced today the closing of a $3.17 million construction loan to 1762 Main LLC for the redevelopment of 1762–1766 Main Street in Buffalo. The financing will support the gut rehabilitation of three existing structures into a vibrant mixed-use development featuring first-floor commercial space and eight affordable residential units.

The project will serve households earning up to 100% of the Area Median Income (AMI), which in Buffalo equates to $101,000 annually for a family of four. The redevelopment is designed to meet the growing demand for affordable housing and community serving retail in Midtown Buffalo, a neighborhood experiencing renewed investment and creative energy. 1762 Main LLC has engaged BRD Construction as the general contractor. The project will preserve the historical architectural character of the buildings while introducing modern amenities and sustainable design features.

“This is the kind of project that reflects CPC’s mission of revitalizing underutilized properties in ways that both address the critical need for new affordable housing, and which preserve the character and history of the building and community,” said Michael Alexander, Assistant Vice President and Mortgage Officer, CPC. “We’re proud to support a local development team that’s bringing affordable housing and commercial opportunity to Buffalo’s Main Street corridor. I’d like to thank the principals of 1762 Main LLC, HCR and all of our partners for their dedication to moving this project forward.”

“This redevelopment shows that historic preservation and housing affordability go hand-in-glove,” said HCR Commissioner RuthAnne Visnauskas. “Our $1.2 million investment will help create new affordable apartments while also protecting these buildings’ architectural character and paying tribute to their histories as a market and a performing arts center. Thank you to CPC and all our partners for your dedication to increasing New York’s housing stock and helping our economy thrive.”

“This project proves, yet again, that historic preservation is a powerful economic development tool for Rust Belt cities. And it would have been impossible without financial support from The Community Preservation Corporation, HCR, Empire State Development, Erie County, and Reimagine Development Partners,” said Jason Yots, President, Common Bond Real Estate, member of 1762 Main LLC.

The buildings were designed by renowned Buffalo architect Louise Blanchard Bethune for Henry Bald, who outfitted the building as a meat market in the 1890’s. Bald supplied meat for the Erie County Penitentiary as well as many functions and events in and around the city’s Olmstead Park system. The market was retired upon the death of the original owner after 50 years of operation.

In the early 1970’s, the property was acquired by the Buffalo Black Drama Workshop (BBDW). Under the new ownership, it was converted into a 65-seat performing arts center which would become a major hub for the African American Arts Movement. In addition to hosting performances, the workshop also provided free music writing, dance and theater lessons for Buffalo’s minority youth. In later years, the New York State Department of Corrections tasked BBDW to begin a series of poetry/theater classes for Attica inmates which resulted in the publication of a book of poetry written by inmates titled “Betcha Ain’t”.

The property was acquired in 1982 for use as a headquarters of Transcontinental Record Sales and locally known chain of music stores, Record Theater. After years of successful operation, Record Theater closed its doors for in 2017.

The redevelopment and revitalization of these properties align with the City’s broader goals of increasing housing affordability and supply, growing the local economy and supporting small businesses, and preserving the city’s historic fabric.

CPC is providing $1.97 million in construction financing and is committing $970,000 in permanent financing. HCR is providing $1.2 million in construction and permanent financing through its Small Building Participation Loan Program (PLP). The Program provides gap project financing assistance for qualified housing developers for acquisition, capital costs and related soft costs associated with the preservation and improvement or new construction of rental properties in buildings of 5 to 50 units located outside of New York City. Subsidy from HCR is combined with financing from a participating private institutional lender, such as CPC, resulting in a lower blended financing cost.

Additional funding sources include an Erie County American Rescue Plan grant of $500,000, a National Grid grant of $62,598 to promote energy efficiency and infrastructure upgrades, and $949,795 in Historic Tax Credit equity.