NIAGARA FALLS - The hole is history.
The former Occidental Chemical Building, at the city's international gateway beside the Rainbow Bridge, changed hands Thursday. That means AquaFalls, the underground aquarium proposal that begat Niagara Falls' signature eyesore, has finally been pronounced dead.
The two-story excavation beside it, which over five years came to symbolize the city's development impotence, will be filled in or become an underground parking structure, said Buffalo developer Frank Parlato.
Parlato and partner Steve Pigeon, an attorney and former Erie County Democratic chairman, aim to turn the site into Niagara Falls' first essential stop for visitors, packing strong enough attraction power to pull crowds from the Canadian side.
"This is the No. 1 piece of privately owned real estate in the United States," said Parlato, pointing out views of Horseshoe Falls, the upper rapids and Niagara Gorge from the building's roof. "There's people who haven't heard of Rome and Beijing. But almost everywhere they've heard of Niagara Falls."
Parlato's corporation, One Niagara LLC, got the property deed last week after months of legal wrangling involving seven lawyers on his side alone, said Parlato. Now, over the winter, his team will fashion a plan for opening it for the spring 2005 tourist season. Retail, office space and a restaurant topping the nine-story building are all likely components, he said.
With millions of visitors literally across the street in Niagara Falls State Park each summer, "If we can't make that work, we don't have any enterprise at all," Parlato said.
Niagara Falls Mayor Vincenzo V. Anello said his economic development officials have welcomed the opportunity to work with a new owner on a plan for the building.
Despite years of repeated promises from former owners Gilles Assouline and David Ho, plans lay dormant. The acrylic parts for the dazzling walk-through aquarium exhibits arrived and were stored in the basement, but financing described as around the corner never materialized.
Meanwhile, the excavation beside the building deteriorated until it threatened the safety of pedestrians, according to city inspectors. Last month, City Judge Angelo J. Morinello fined AquaFalls $192,500 for repeated code violations.
"We're not letting our guard down," Anello said. "At the same time, Mr. Parlato seems very sincere. I know he did his due diligence and has faith in that property. That can only be good news for the City of Niagara Falls."
Two floors of the building are occupied by a U.S. Small Business Administration disaster assistance office. Most of the building is vacant, giving its new owners wide latitude in plans, Parlato said.
Parlato said he is inviting the community to share ideas for the building. Some he is already thinking about include using the building's surface as a movie screen for projecting images and tasteful advertising, such as images of the parks accessible on the New York side of the river, he said.
A 24-hour welcome center offering coffee to visitors would fit in with the theme of making the building a headquarters for visitors, Parlato said. Another possibility is using some space for a tourism business incubator, offering young entrepreneurs support and space to get businesses off the ground.
"It's important that we have a long-range plan, not a quick fix," said Pigeon. "We want this to be a catalyst for the community."

e-mail: agalarneau@buffnews.com