State and local elected officials have a decision to make. Invest $5 million to stabilize the venerable Statler building or come up three times that amount (or more) to demolish the building. Would-be developers Mark Croce and James Eagan have plans for the property but can't go it alone. They want to see the building redeveloped but are reportedly looking for state and city help to stabilize the building.
The Statler's clock is ticking. Croce and Eagan submitted the only bid to purchase the property in August. Their due diligence period expires on Monday. The developers have not unveiled their plans for the 750,000 sq.ft. property. Considering the building's size, redevelopment will most likely occur incrementally and involve a mix of uses. Their plan is a non-starter without a commitment from the state and city to help stabilize the building including repairs to the building's façade and roof work.
If Croce and Eagan allow their purchase agreement to expire, it is likely the bankruptcy court trustee will seek to abandon the property. It will become the City's problem. So here's the choice: $5 million as a down-payment to keep the iconic landmark in place and on the tax rolls or $15 million to demolish the building.
Frequent BRO contributor RaChaCha says there are a lot of parallels to a situation in Rochester back in the 1980's: Paul Snyder had started a Hyatt Hotel project, and the full skeleton was up when he pulled out. The skeleton stood on the skyline for a couple of years as a humiliating symbol of municipal FAIL, weathering to the point where there was concern it might become unsafe. Major community stakeholders had to come together -- government, business leaders, foundation heads -- to put together a rescue package for the project, which is now one of two major downtown hotels directly linked to the convention center.
It seems clear that the Statler is past being a traditional redevelopment project led by an individual developer (aka Hotel Lafayette, Webb Building, Granite Works, Larkin District, etc.) and the community will have to step up to the plate in a broader, collaborative effort the way it has with other major preservation/redevelopment projects of regional significance -- such as ECC City Campus, Richardson, Roycroft, Darwin Martin House, the Central Terminal, the Olmsted Parks, Genesee Gateway, etc.
We know where the local preservation community stands. Preservation Buffalo Niagara has invited elected officials and others to the building this morning to detail why the building must be saved and ideas on how to make it happen. We'll soon find out where the Mayor, state economic development officials and others stand.
In the meantime, invite the artist Cristo to wrap the building in saffron fabric. The result would do wonders for tourism in Buffalo.