Industrial

By Rebecca Gandour, executive vice president, Buffalo Urban Development Corp. America’s economic engine was once largely fueled by its industrial might, with manufacturing powerhouses found throughout the Midwest and Northeast producing billions of dollars worth of goods. But when factories closed and production moved overseas, many communities were left staring at empty buildings, foreclosed homes and decaying public infrastructure. By losing massive employment anchors, neighborhoods were unable to attract private investments, with developers hesitant to invest in communities that did not provide a clear route to profit. As hesitancy began, the situation grew worse, eroding confidence even further. Unable to fully rely on traditional real estate developers, Buffalo has found opportunities to embrace a nonprofit-led redevelopment for restoring long-overlooked industrial assets and creating conditions where future private investment becomes possible. The Northland Corridor on Buffalo’s East Side in particular demonstrates what can happen when a mission-driven organization is given the flexibility to think long term, assemble funding and prioritize community outcomes to provide financial stability and opportunity. Private developers serve an essential role in urban revitalization, but they also operate under a model that prioritizes profitability and providing returns for investors. In distressed markets, where redevelopment may provide limited promise …