Buffalo To Spend $200 Million On Perry Projects Redevelopment
Even though increased interest rates seem to be causing the housing economy to slow down a tad around the country, things are still relatively booming here in Buffalo and Western New York.
You don't need to look much further than the condition of the home sales and apartment rental market in the area.
Over the last several years, Western New York has been one of the hottest housing markets in the country, with exponential increases in home values and rent prices. While these increases are great for the overall economy, investors, builders, and landlord, it has put a huge strain on many renters all over the area.
With Buffalo being among the poorest cities in the country, the ability for the average renter to find an affordable housing option is being more difficult by the day.
Now, while there has been some new affordable housing development in Buffalo over the last several years, it has not been enough to keep up with demand.
It's because of that, along with some other factors, that the Buffalo Municipal Housing Authority is planning to spend some big bucks to bring a long-neglected affordable housing development back online.
Hundreds Of Millions To Be Spent On Perry Projects
In a recent announcement, the BMHA is moving forward with a plan to revitalize the Commodore Perry Homes by demolishing two dozen abandoned buildings and reconstructing them to modern standards.
The plan would spend more than $200 million to construct 27 new buildings with more than 1,000 affordable apartments, along with additional space for commercial and retail businesses.
Named for Naval Officer Commodore Matthew Perry and constructed in 1940, the Perry Projects have been vacant for several years, falling into serious disrepair. The construction is expected to be done by 2029, with the first phase expected to be online and ready for rent by 2025.
This will be a welcome change to the First Ward, which has long been neglected by officials.