Empire State Development Announces the Opening of The Monroe in ...

Empire State Development today announced a ribbon cutting marking the official opening of The Monroe, a $8.4 million rehabilitation project in Buffalo that converted the iconic Record Theatre complex to 17 affordable apartments and 11,400 square feet of commercial and retail space. The structure's new name dates to its historic roots as a 1920s auto dealership for the Monroe Motorcar Company. See pictures here. In the past five years, New York State Homes and Community Renewal has created or preserved more than 12,000 affordable homes in Erie County. The Monroe continues this effort and complements Governor Hochul's $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide.

Empire State Development President, CEO & Commissioner Hope Knight said, "The renovation of this architecturally significant building into commercial space and affordable apartments will be a catalyst for Main Street and brings critically needed affordable housing to the center of the city, near the Elmwood Village, colleges and a short walk from the NFTA Metro station. Its completion brings renewed purpose to the space and new opportunities to those who will live and work in The Monroe."

Developer Jason Yots said, "With The Monroe project, we sought to prove a few concepts. One, that historic preservation can catalyze the resurgence of whole neighborhoods. Two, that affordable housing can be as well-located and well-appointed as market-rate housing. And, third, that it is possible to profitably develop real estate while equally factoring 'people' and 'planet' into the equation. My partners and I are proud to deliver this project to our neighbors, and we are confident we will prove our concepts."

The formerly vacant building on the corner of Main Street and Lafayette Avenue, adjacent to Canisius College and the NFTA Metro Rail Station, has apartments that are, on average, affordable to households earning less than 80 percent of the area median income.

There are six commercial spaces in the complex, including Saffron Kitchen, Buffalo's first Persian restaurant; two international restaurants run by graduates of the Westminster Economic Development Initiative's West Side Bazaar incubator; Fairy Blonde Mother hair and beauty salon; and a small, shared office and coworking space named Record Workshop with a conference room, private offices, coworking desks and shared administrative support. Fairy Blonde Mother has been operating since October, and the restaurants and offices will be available by early 2025. Several of the commercial spaces also will surround a multi-season courtyard along Lafayette Avenue.

Jason Yots of Common Bond Real Estate, Derek King and Michael Puma of Preservation Studios, and Richard Rogers and Travis Gordon of Urban Vantage developed the project.

New York State Office of Parks, Recreation and Historic Preservation helped facilitate the use of Federal and State Historic Rehabilitation Tax Credits, which are estimated to provide $2 million in equity. Other state financing includes an $850,000 Small Building Participation Loan Program loan from NYS Homes and Community Renewal, which supports the preservation and improvement or new construction of rental properties in buildings of five to 50 units located outside of New York City. Empire State Development provided a $750,000 loan through the Better Buffalo Fund. Aiming to create vibrant, mixed-use, high-density neighborhoods, the $40 million fund focuses on supporting projects that encourage density and growth along transportation corridors and revitalize neighborhood commercial districts. Senator Sean Ryan also secured a $700,000 grant for this project.

The Community Preservation Corporation (CPC), a 50-year-old nonprofit multifamily finance company, provided $4.5 million in construction financing and $2.5 million in permanent financing to support the project. CPC has invested more than $480 million to support the construction and preservation of 6,000 units of housing throughout Western New York.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "The Monroe exemplifies Governor Hochul's commitment to increasing the supply of high quality, sustainably designed, comfortable homes that people can afford-while at the same time reviving historic community assets and offering access to all the things that create strong, vibrant neighborhoods. The Monroe's 17 apartments, eclectic mix of restaurants and commercial space, and its proximity to transportation makes it a destination spot for all of Buffalo. Congratulations to the residents and the community, as well as Common Bond Real Estate, Preservation Studios, and all of our partners. And thank you to Empire State Development and the State Historic Preservation Office for collaborating with HCR on this wonderfully innovative project."

New York State Office of Parks, Recreation and Historic Preservation Commissioner Pro Tempore Randy Simons said, "Buffalo's historic buildings are great canvasses for creative mixed-use projects that help meet affordable housing and economic development goals. Historically, the Monroe Motor Company - as a showroom and service station - was a place that embraced both the old and the new, and today we see that balance again with the rehabilitation of this iconic location. The Historic Rehabilitation Tax Credit Programs help leverage resources to help make these projects as successful as they can be, and we are proud to be part of this important work here in Buffalo and across the state."

The Community Preservation Corporation Senior Vice President and Regional Director Andrew D'Agostino said, "At a time when communities large and small across our state are facing challenges of housing supply and affordability, projects like The Monroe that breathe new life into vacant and underused properties while creating new housing opportunities are critically important. The historic preservation of this property and the new housing and commercial space that it has created will be a catalyst for growth and new economic opportunity here in the Cold Springs neighborhood. My thanks to our partners at the Monroe Building LLC., to our State partners at ESD and HCR, and to all of the local stakeholders for their commitment to making this project a success."

Senator Sean Ryan said, "The Monroe Project is an exciting example of what can be done when we focus on historic preservation to grow Buffalo's future. With new affordable apartments and commercial space, The Monroe will provide safe and secure housing for Buffalo families and serve as a focal point for future growth in the neighborhood. This is a truly remarkable project and I'm proud that New York State has worked to make it a reality."

Assembly Majority Leader Crystal Peoples-Stokes said, "The Restoration of The Monroe not only recalls the history of the Monroe Motorcar Company, but also presents a future of possibility at this section of Main Street. I thank Governor Hochul for her commitment to creating affordable housing in the City of Buffalo."

City of Buffalo Acting Mayor Christopher P. Scanlon said, "This project exemplifies how adaptive reuse can create an exceptional place to live while fostering exciting new retail opportunities that align with my administration's broader Main Street strategy, stretching from Downtown to the University at Buffalo South Campus. With The Monroe reaching completion and offering Buffalo residents additional state-of-the-art affordable housing, I want to thank Governor Hochul and everyone involved for our shared commitment to uplifting communities across every corner of the city."

Erie County Executive Mark C. Poloncarz said, "The Monroe project addresses our community's need for affordable housing head on and reinvigorates an historic but vacant building in the process. This century-old building has a rich history and is now writing its next chapter as a home, with seventeen apartments along with bustling commercial space. The Main and Lafayette neighborhood will be energized by this affordable housing investment, and I thank Governor Hochul for her continued focus on Erie County and Jason Yots and his team for their investment in our community."

Governor Hochul's Housing Agenda

Governor Hochul is committed to addressing New York's housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York's housing supply through new tax incentives for Upstate communities, new incentives and relief from certain state-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide and new protections for renters and homeowners. In addition, as part of the FY23 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 45,000 homes have been created or preserved to date. 

The FY25 Enacted Budget also strengthened the Pro-Housing Community Program which the Governor launched in 2023. Pro Housing Certification is now a requirement for localities to access up to $650 million in discretionary funding. Currently, more than 225 communities have been certified, including the city of Buffalo. 

About Empire State Development

Empire State Development is New York's chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the state. With offices in each of the state's 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state's world class tourism destinations through I LOVE NY. For more information, please visit esd.ny.gov, and connect with ESD on LinkedIn, Facebook and X.

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