A developer who finalized a “multi-million dollar” deal to buy the site of the troubled AquaFalls Plaza on Thursday plans to turn the nine-story, adjacent building into office, conference and restaurant space.

Frank Parlato Jr., a businessman behind several Western New York residential developments, foreclosed Thursday on the second of two mortgages on the 360 Rainbow Blvd. property that had been held by two overseas developers who had planned to turn the site into an aquarium.

Parlato completed the deal through a limited liability corporation named One Niagara.

With lofty plans to turn the site in a thriving commercial center with office, meeting and tourism space, Parlato said he envisions the building as a gateway to the Falls.

“Our plan is a very simple one — utilize the building in its natural way because of its location,” Parlato said.

(the Niagara Gazette permits readers to add a comment to stories on line... here is what some critics offerred. It will be interesting to see later whether they were right or wrong- FRP)
Reader Comments

Whatttttt (12/19/2004)
They need to GET MONEY.......and to clear the place out.....a millionaire needs to buy out all the old houses in the NF area knock them down and begin buling.....look at buffalo!! The flats in Cleveland is the IDEA that needs to be places along the water front or the casino at the Pier!!! WAKE UP NYS geese

Rich (12/17/2004)
Kind of like the Rainbow Mall huh?

Flipper (12/16/2004)
and here I thought I was getting a new home. Why don't they just turn it into the "Museum of Niagara Ideas." That would fill up the whole building.

mr. b (12/15/2004)
is this real, Niagara Falls really needs a change and these developers have to realize that we like to see action and not just words or plans. Maybe if we focus on he inner city and education first the rest will fall ino place economically.

Tom Winegarden (12/14/2004)
Right. Not in our lifetime.