Following the commemoration, Niagara returned to Erie. In 1931, the state took custody of her and began a major restoration that was delayed by the Great Depression. By the early 1980s the Niagara was again severely decayed. International Historic Watercraft Society was contracted to design and build a reconstruction of the Niagara. The present ship is a new vessel, incorporating both known and conjectural design features.
Some original timber is installed in non-structural places.