A home of our own.
The Tool Library is working to raise $1 million to acquire and renovate its new historic home at 2626 Main Street.
Situated in a crucial area of Buffalo, easily accessible to communities in need, The Tool Library’s new location offers four times the space of our previous site with ample parking, a full basement, and residential and office areas on the second floor.
Purchasing our building is more than just a real estate transaction—it’s about establishing a vital civic asset that strengthens our community, fortifies our organization’s financial stability and program efficacy, and scales our impact across Western New York. It’s a commitment to empowering people and fostering lasting change in our communities.
Funding the vision
Our capital campaign has two distinct phases: acquisition and renovation. As part of The Tool Library’s current 14-month lease, we have retained an exclusive option to purchase the property at the end of the lease for $485,000. We also anticipate $15,000 in legal and closing costs, for a total Phase 1 cost of $500,000.
The Tool Library anticipates another $500,000 in expenses to make critical renovations to the property as part of Phase 2. This includes repairing and restoring the building’s historic storefront, new exterior signage, energy efficiency improvements, updating and relocating major building systems, and interior demolition and reconfiguration of available space.
2626 Main Street provides us with the firm foundation we need to continue building a sharing economy that focuses on meeting people’s basic needs, reducing inequality, and improving quality of life for all in WNY.
This is more than just a building. It’s a cornerstone for the community. It’s our home. We are currently seeking a mix of sources—private philanthropy, public funds, corporate partnerships, and individual donors to make our vision a reality.
Why buy instead of continuing to rent?
By owning we remove the threat of unpredictable rent increases, eviction, or displacement.
Establishing a permanent physical presence will signal a commitment to the community, building trust and garnering support from our members, donors, volunteers, and the general public.
While the initial costs of purchasing a property may be substantial, in the long run, The Tool Library expects significant cost savings. The rent from the single upstairs apartment will provide us with stable unrestricted revenue which will help offset general operating costs, while we will save more than $3,000 a month on rent. By avoiding a mortgage, we will save over $500,000 in interest that would be paid over 30 years, with these resources instead being invested back into the community.
Ownership will also allow The Tool Library to expand our core tool borrowing program through a larger and broader inventory, expand our Dare to Repair Cafes via dedicated in-house space, and launch DIY workshops and educational programs – two things our membership have asked for, but until now have lacked the appropriate space to deliver.
As renters, we occupy just the ground floor and have limited ability to make changes and improvements to the building. As owners, we can use and adapt the entire building to become a community hub for lending and learning.
Property ownership means The Tool Library will have the necessary space and financial resources to expand and invest in new and existing programs. This means saving community members more money, fixing more of their broken things, and helping them transform more of their shared spaces..
Supporters:
Are you interested in becoming a lead sponsor of our Capital Campaign? Download our Sponsorship Guide to learn more about the available opportunities and reach out to our Executive Director, Darren Cotton, at darren@thetoollibrary.org