UB Acquires the Last of 3 Properties to Move Forward with Medical School Construction
First Niagara Financial Group Inc. has given the University at Buffalo (UB) a .85 acre of land to be incorporated into the UB School of Medicine and Biomedical Sciences site. The parcel of land at 973 Main Street is where a current First Niagara bank branch is located.
Although the land is considered a donation, in exchange for $1 First Niagara offered the land, worth wp-contentroximately $2 million, to assist UB in its quest to acquire the third property necessary for the building of the medical school.
Recognizing the importance of the land in UB's plan for the medical school, First Niagara's interim president and chief executive officer, Gary Crosby, stated that “We are committed to doing great things in our community and we are proud to collaborate with UB in order to provide the final piece of the puzzle for the new medical school to move forward.” He also stated that First Niagara is highly supportive of the region's efforts to continue being a recognized leader in life sciences, innovation and research.
Satish K. Tripathi, UB's president, said that “With [this most recent] acquisition, UB can move ahead with its plans for the new medical school, which will help to dramatically improve health care and medical education in our region while providing a significant boost to the local economy.”
The $375 million, 520,000-square-foot medical school will be located on the corner at Main and High Streets.
With high expectations to improve health care throughout Western New York and to attract patients from other areas, the move of the medical school will also contribute to the growing world-class Medical Campus and its vision to attract the best and the brightest. The medical school will be able to graduate more physicians who will most likely stay and practice in the area. Medical school students will have the opportunity to receive a great and invaluable educational experience while near facilities like the John R. Oishei Children’s Hospital, Buffalo General Medical Center, Gates Vascular Institute, Roswell Park Cancer Institute, the UB Clinical and Translational Research Center and others.
“UB will attract the most promising medical students and world-class faculty,” said Michael E. Cain, MD, UB vice president for health sciences and dean of the medical school. “The prospect of a brand new, 21st century medical school next to teaching hospitals and state-of-the-art research laboratories in downtown Buffalo is helping UB to recruit top physicians and scientists, some of whom are already here.”
UB will add several new clinical service areas within the new medical school, providing specialty care and health services not currently offered in the region. Faculty will pursue cutting-edge research and collaborations with member institutions will lead to advanced care for patients.
On October 1st, First Niagara will relinquish the property to UB, later opening a new branch on the BNMC. Until the new branch opens, a temporary branch will be located at 1031 Main Street.
The groundbreaking for the new building is set for September and construction is expected to be completed in 2016.
*Design rendering by HOK , a global design, architecture, engineering and planning firm.
Read more about the this announcement below:
First Niagara Donating Downtown Land for UB Medical School
Land Donation Leads to First Niagara Branch Shuffle
First Niagara Provides Land for New UB Medical School Project
First Niagara Donates Land for New UB Med School