Empire State Development (ESD) announced the grand opening of The Monroe, a transformative $8.4 million rehabilitation of the iconic Record Theatre complex in Buffalo. This project has converted the historic building into 17 affordable apartments and 11,400 square feet of commercial and retail space. The name "The Monroe" honors the site’s origins as a 1920s auto dealership for the Monroe Motorcar Company. In the past five years, New York State Homes and Community Renewal has supported the creation or preservation of more than 12,000 affordable homes in Erie County, with The Monroe continuing this momentum as part of Governor Hochul’s ambitious $25 billion, five-year Housing Plan, aiming for the creation or preservation of 100,000 affordable homes across the state.

Hope Knight, President, CEO & Commissioner of ESD, remarked, “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 added, “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 building, located at the corner of Main Street and Lafayette Avenue, has been transformed from a vacant structure into a vibrant mix of apartments, six commercial spaces, and a multi-season courtyard along Lafayette Avenue. The commercial tenants include Buffalo’s first Persian restaurant, Saffron Kitchen; two international eateries run by graduates of the Westminster Economic Development Initiative’s West Side Bazaar incubator; Fairy Blonde Mother, a hair and beauty salon; and Record Workshop, a shared office and coworking space. Several of these businesses are slated to open by early 2025.

The project was developed by Jason Yots of Common Bond Real Estate, Derek King and Michael Puma of Preservation Studios, and Richard Rogers and Travis Gordon of Urban Vantage. It also benefited from significant support from the New York State Office of Parks, Recreation and Historic Preservation, which facilitated the use of Federal and State Historic Rehabilitation Tax Credits worth an estimated $2 million in equity. Other key financing sources include an $850,000 loan from NYS Homes and Community Renewal and a $750,000 loan from Empire State Development's Better Buffalo Fund.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas emphasized, “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.”

Randy Simons, Commissioner Pro Tempore of the New York State Office of Parks, Recreation and Historic Preservation, remarked, “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 Community Preservation Corporation (CPC), which provided $4.5 million in construction financing and $2.5 million in permanent financing, also played a crucial role in the project. Andrew D’Agostino, Senior Vice President of CPC, 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.”

Local leaders also expressed their enthusiasm for the project. Senator Sean Ryan noted, “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.” Assembly Majority Leader Crystal Peoples-Stokes added, “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.”

Buffalo's Acting Mayor Christopher P. Scanlon also praised the project, saying, “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.”

Erie County Executive Mark C. Poloncarz concluded, “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.”

Governor Hochul's commitment to tackling New York's housing challenges is reflected in the state's recent initiatives, which include a $500 million capital fund to build up to 15,000 new homes on state-owned property, $600 million in additional funding for housing developments, and a landmark five-year, $25 billion Housing Plan.

Empire State Development continues to play a key role in supporting economic development, job creation, and affordable housing throughout New York.