Program
Irvin Henderson Main Street Revitalization Fund
New Markets Tax Credits
$1.75 Million
Total Project Cost
$8.5 Million
Project Partner
Westminster Economic Development Initiative, Inc. (WEDi)
Impact
Small Business Support
History
Prohibition Roots, Modern Revival
The former Illinois Alcohol Company Building at 1432 Niagara Street in Buffalo was constructed in 1920 to serve as the Bison City Storage Company warehouse. However, the building’s design proved well suited for an illegal bootlegging ring led by the Illinois Alcohol Company during the Prohibition Era from 1925 to 1929. Taking advantage of the privacy provided by the building’s non-descript appearance, the Illinois Alcohol Company conducted an extensive bootlegging operation in the building for several years.
Once authorities discovered this illegal operation, the building was taken over and occupied by the Niagara Filter Corporation, continuing its affiliation with the brewing industry. This company initially produced non-alcoholic beer but switched to the production of brewing equipment when Prohibition laws were lifted in 1933. It remained in operation through the 1950s and was used for various purposes over the years before eventually falling into underutilization and disrepair.
Revitalization Efforts
A Growing Community Market
The West Side Bazaar, created by WEDI in 2011, is a food and retail business incubator supporting entrepreneurs who lack access to traditional financing. Having outgrown its 3,200-square-foot space and facing a waiting list of over 120 entrepreneurs, the Bazaar relocated to the revitalized Illinois Alcohol Company Building.
This expansion provided more room, new resources, and flexible spaces, enabling the Bazaar to serve more customers, host community events, and strengthen its role as a multicultural hub. The move ensured long-term growth and sustainability for diverse small businesses.
Community Impact
Community, Culture, and Growth
The historic Illinois Alcohol Company Building revitalization will support an estimated 190 construction jobs, nearly all of which will pay a living wage or higher. Once complete, the expanded West Side Bazaar will create and retain 42 accessible jobs and support 60% more businesses annually, growing from 12 tenant spaces to 23 tenant spaces annually.
The larger community spaces will provide access to hard-to-find food and other items important to immigrant cultures to an estimated 120,000 customers annually. Over a five-year period, the Bazaar can be expected to add nearly $34 million to the regional economy, with less than 30% attributed to one-time construction expenditures.
Job Creation
232 construction and permanent full-time equivalent (FTE) positions created and retained.
New Business Support
Growing from 12 tenant spaces to 23 annually, a 60% increase.
Customer Support
The larger community space will support an estimated 120,000 customers annually.
Economic Growth
Adds nearly $34 million to the regional economy over a 5-year period.
NTCIC & Progress
Financing the Project
NTCIC’s $1.75 million New Markets Tax Credit (NMTC) allocation helped make the relocation and expansion of the Bazaar financially feasible and will allow the Bazaar to provide equitable incubation space for low-income and minority business owners through subsidized and scaled rental rates and will create affordable and accessible event and community space for the community. Additional financing was made possible through equity investments from Monarch Private Capital.
This project represents the eleventh and final investment supported by NTCIC’s current Irvin Henderson Main Street Revitalization Fund. This fund provides $2 – 4 million in innovative NMTCs for smaller-scale historic rehabilitation projects, maximizing the benefits of both credits within the transaction and helping offset the transaction costs by connecting projects to an experienced team of real estate professionals that understand the needs of small deal financing and provides the NMTC financing in a structure that has no origination or sponsor fees.
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