More than a decade after its creation, the Buffalo Niagara Medical Campus is reviving a large swath of urban Buffalo, breeding $400 million in private development outside the campus.
In the past five years, a Buffalo News real estate analysis found, 30 different investors and developers bought or renovated more than 100 largely vacant or run-down commercial properties outside the campus boundaries.
- "The Big Three of medical corridor development"
- "A breakdown of development on the medical corridor"
- An interactive map of development on the medical corridor
In a region known for affordable real estate, properties on Buffalo’s Medical Campus are selling at unheard of prices.
Consider what the University at Buffalo Foundation paid for properties associated with the new medical school being built on the downtown campus:
• $1.26 million for a 0.26-acre corner lot on Washington Street that last sold for $410,000 in 2005.
• $1.2 million for a slightly larger Washington Street parcel -– just over a third of an acre.
• $1.4 million for a Main Street property -– this one also just over a third of an acre, but with a building and parking lot on it -– assessed at $325,000.
With the development of the Medical Campus, land speculation has crept into the blighted Fruit Belt neighborhood.
Just a stone’s throw from the growing Medical Campus, the Fruit Belt has begun attracting investors interested in the many run-down houses just east of Michigan Avenue.
But rising prices bring with them conflict and controversy.