The City of Niagara Falls is inviting proposals from qualified, professional developers and property manager partner(s) to develop and manage a purpose-built rental property in downtown Niagara Falls, Canada. 

The intent is for the City to participate as a partner in the development and management of the property. The Property is located at 4500 Park Street in the downtown of Niagara Falls, Canada. 

The downtown core is expected to see a significant revitalization due to the following contributing factors:

• The development of University of Niagara Falls Canada (UNFC), which will see a campus development along with several thousands of students attending by the end of the decade.
• The redevelopment of the train station into a transportation hub.
• A number of proposed housing developments, both mid rise and high rise, within the downtown core.
• The redevelopment of Bridge Street.
• The Park Street redevelopment which will be a significant purpose-built rental building.
• Other private sector investment in the downtown core.

The Park Street Development will provide a much-needed rental product to the market and will be required to provide affordable and market housing for a wide range of income levels as detailed in the City’s Housing Strategy. This building will be an iconic symbol for the development of the downtown and will contribute to the housing solution. 

The City will contribute land, zoning, and other expertise to the development of the property. The City is expected to be a minority equity partner for this contribution and will expect to obtain a return on investment that is aligned with its risk exposure.