The New York Central was looking to build a new terminal, and hope to attract the other railroads to it and form a sort of "union station." The location was chosen because the cost to acquire the real estate was far less than trying to build something at Exchange Street (where the costs to demolish and clear the land would have been far greater). The New York Central also hoped that the city of Buffalo would continue to grow, and eventually meet their new terminal (as had happened in New York City). The financial crash helped end that dream. The uproar over the destruction of the residential neighborhood precluded building any more commercial development around the new terminal... and now it sits.
TRAINS magazine ran an excellent two-part story on BCT in 1985... I'll try to locate the issues for you later.
See also:
http://buffalocentralterminal.org/
-otto-
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