The State of New York has purchased the remaining 96 acres of what's known as the RiverBend site from the City of Buffalo for future development.
Governor Andrew Cuomo announced the transaction in a news release Tuesday afternoon. The land, which once housed Republic Steel, will be developed as a high-tech manufacturing innovation hub. One of the companies locating there -- Solar City -- plans to transform the site into one of the largest manufacturer of solar panels in the world.
The state and city agreed on a sale price of $2.8 million. In May, the state purchased the first 88 acres of land at the Riverbend site for $2.5 million.
In the statement, Cuomo said hi-tech companies "from across the nation and around the world have taken notice" of RiverBend.
"Finalizing this purchase agreement will ensure that RiverBend is prepared to capitalize on this interest and add to the high tech movement that is taking hold in Western New York," Cuomo said. "Buffalo truly is on the move.”
"This adds to the momentum we are seeing everywhere in the city, with more than $4.4 billion in new economic development activity underway," said Mayor Byron Brown.
The state is spending $225 million on infrastructure at RiverBend that includes construction of roads and sewer and water lines, plus a 275,000 square foot facility to house the initial tenants.