hey.... at least public $ didn't go into it. Not really a snake oil salesman if he is using his own cash.
Or did our great and wise politicians ante up some of our cash to him???
hey.... at least public $ didn't go into it. Not really a snake oil salesman if he is using his own cash.
Or did our great and wise politicians ante up some of our cash to him???
Chris69 - When you said,."Studio Arena will most likely be replaced by a downtown performing arts center occuppied by UB but that is a ways off." are you speaking fact or your dream of downtown. I can't seem to find any reference to a new theater operated by the UB Theater and Dance department, in fact they closed the Pfeifer Theater because it was replaced with a superior facility on campus.
I am also not in the loop on the master plan of closing the bars and restaurants along Chippewa to make way for the booming State, Federal, and Local Government employees. This seems to run counter to what most experts are saying about trends in Government employment, but you may have an inside track to this information that is not available to the rest of the public.
I am sure that the re-watering of the canals through Main Street and the Cobblestone District, the construction of a new convention center and stadium complex somewhere in that same area, and the rebirth of retail along Main Street will all contribute to the overwhelming demand for the Statler as well. I am sure that the new Casino will pull away all of the underage students who currently frequent Chippewa on most nights of the week. The bars along Chippewa won't be able to compete with the non-tax paying owners of the Casino, right? Sure, because the bar owners along Chippewa are declaring every dollar earned and paying their taxes on time. I do agree that the Chip Strip will probably fall sometime soon, more than likely to the "benefit" of Elmwood, Main (U-Heights), Hertel, or Allen. That cause the real estate along Chippewa to sit vacant, but I doubt that we will see a full demise of all of the bars and restaurants. Just my opinion on that one.
The way that this is going, Paul Snyder is going to be sitting on a gold mine of prime real estate that will be ripe for reconfiguration or sale when the time comes. For now, it looks like the Statler is going to remain vacant a little longer, but the project is not dead yet. Let's hope Issa, or someone more dependable, can come up with the resources needed to pull this project through.
Chris69 - I'm sure there's many times I couldn't be more wrong, but in this case what exactly did I write that's wrong? Regarding the fed court, it looks to me like I asked questions. See the question mark?
Haven't those jobs already been nearby the Statler for many years, many decades, in the current old federal court?
This statement from you is something I didn't know, and that's why I worded my understanding as a question:
This translates into a more than doubling of all federal legal presences in downtown Buffalo
I'm not saying you're wrong, but is there any reference to that doubling? I never heard that. From what other fed court districts will employees be transfered? I'm just asking!
What I'd really like to know is what are plans b and c? I mean, the one piece of good news here is that he is finishing up the tiling and carpeting, is NOT shutting the building down and hasn't sold the structure. I don't know, but at least thats better than the owners of AM&As. By the way, does anyone have ANY news on 50 Court Street or has that been scraped too? I'll be glad when we can get a president who can fix this worthless economy of ours (US) because Buffalo can only grow when the country does.
I also wondered about that courthouse after Atwater's post. Maybe I was mistaken, but I always thought it was going to increase the economic effect, but if I'm wrong, Atwater do you know any figures on what's going to happen with the old building because I was just speculating before and am curious to what will happen.
uhg... 35 years in the Buff - kind of get used to these types of stories
I was hoping and am still hopeful.
It would be stupid for Issa to walk away from the Statler.
The Statler is going to be incredibly valuable and profitable once the Federal Courthouse across the street is complete. The only unfortunate thing is that the benefits of the Federal Courthouse will go first to the Dulski and not to the Statler but that does not mean that the Statler is out of the game.
If anything once the Federal Courthouse and the Dulski are completed the financials will be very clear for the Statler and the only missed opportunity will be from the gutting as I'm sure the planned needs of the Statler will change by then.
Personally I cant wait until the convention center is persona non grata!
This was never a game breaker project, and the improvements already made are better than what was before, something has been accomplished, if Bashar doesn't finish the project someone else will.
Thank you Bashar for your effort, if you unfortunately can't continue, please allow someone else to complete your dream.
I'm not surprised -- taking on a massive renovation of an old structure with so much deferred maintenance is always a risky endeavor, especially when the market for the finished product is more about capturing tenants that are already here rather than from real growth. There appears to be no direct public subsidy in the project, so there's no direct loss right now. Let Issa do his due diligence to find new financing and wait and see. He's already invested in some improvements and interior demolition that, if he is not succesful, would allow someone else to pick up the ball and continue if it is financially feasible.
I think the real problem is that the community and the media tend to glom on to people like Issa as a "savior", then give them way too much press to build up everyone's hopes. Thus periodic project setbacks or stoppages, never uncommon on large projects, sting a little bit more when we hear about them.
I wouldn't count Issa out just yet. He has a cash flow problem due to a loan that fell out. Happens all the time. In this economy, it comes as no surprise. Has anyone considered the real estate crisis in this country? Believe it or not, WNY is maintaining or increasing property values while most other regions they are rapidly declining daily. Having been relatively immune to the housing market frenzy , Buffalo hasn't seen the disaster out there. I don't know of any local developments that have 500 homes in progress with only 40 sold and all future work stopped. Just look at SoCal, Vegas, or other area for similar casualties. Nationally, investors pulling out of projects midstream is rampant. Could it be that the key loan that didn't materialize was from an institution that got caught elsewhere in the collapse of the market?
Let's wait and see, the positive side is that we didn't sink a whole lot of tax dollars into subsidizing this construction project, and I hope that we don't decide to do that to keep it on track. Yes, we had hope for Issa despite his lack of follow through in past jobs, but oh well. We had hope that Scot Fischer might do something with his buildings on Genessee and Main Streets, no dice there either. We had hope for Oak Street, for Main Street, Niagara Street, Ferry, Jefferson, Bailey, and the list goes on and on and on. Let's not get too down on ourselves, some of these comments sound like our first boyfriend just dumped us. There are a lot of other fish in the sea, someone better will come along, etc, etc, etc.
If you think the renovation of the Statler is a silver bullet project you need to re-look at your definition. Turning an old hotel into a new hotel, offices and residences is hardly a silver bullet project. It is the sort of project that takes place hundreds of times over a year in this country. It is even happening in Buffalo at 200 Delaware and I haven't heard anyone call that a silver bullet. It is simply a mid-sized renovation.
The daddy's money comment is typical and is exactly what I am talking about. Buffalo resentment for those that have more; be it earned or inherited. It is sadly pervasive.
As for the never gets anything done comment get real. Bashar has completed projects in Manchester. I stick by my opinion that even if this project doesn't get completed by Issa, Buffalo is in a better place for the project having been started and new ideas, money and optomism being injected into the community. The "I told you so" negativity does nothing good for anyone.
I will never understand the point of criticizing anyone with a dream. Especially when they put it into action, using their own money. Especially when they are an out of towner wanting to improve your community.
What's wrong with you people? Particularly the little ones, hiding behind your keyboards. Shame on you.
Frank, see sbrof's definition. Statler is hardly a giant project, was being done with private funds, and wasn't single handedly going to do anything, perceived or real, for the overall local economy. There are probably 10 similar projects going on (all with some degree of public funding through abatements) within 5 blocks of where I live and not one of them is a silver bullet. They are all part of a larger movement to bring retail and residential downtown.
As for the tax credits and abatements for the 200 Delaware project, they are a standard part of the overall development process just about everywhere. For better or worse that is what it takes to get these projects done in all but the most prosperous of cities. That still doesn't make the project a silver bullet. Issa's biggest mistake was that he didn't come hat in hand to the public coffers for public dollars. He easily could have and would have been justified in keeping the playing field level by doing so.
GDC, you are absolutely right. You only have to look what two blocks away to see the former Dulski building being transformed into a mixed-use work and live community. I do not see how his original plan was too ambitious? This is the hottest section of the city right now, and it is ripe for this project. Nobody is willing to put 100% equity into a project, thats a joke, regardless of how rich you are. You need to have interim financing and permanent thereafter for any development to get a green light. Has anybody looked outside of their cloudy bubble that they live in, and been paying attention to the national mortgage and loan crisis going on right now? That being said, this is and should not be a surprise that oops, a lender backed out of the deal. This deal may be delayed, but then again the perpetual pessimism on this site of course seems to forget the other positive momentum we are gaining in downtown. Buffalo City Tower I have doubts about, maybe if it were 20 years down the road after everyone heads back home after gas is $6 a gallon, the water crisis has been fully realized, and people wake up and realize the real deal. People need to look at other cities (Portland) and realize the similarities that we have in common, and really get a grassroots initiative going so that we can unshackle upstate on our own, because we certainly see whats going on in albany.
There are so many projects nationwide that have stumbled. These events are not exclusive to Buffalo. The Atlantic Yards project in Brooklyn, New York, has slowed. Here in LosAngeles, many projects to rejuvenate downtown have stopped. The well-publicized Frank Gehry-designed Grand Avenue project has had difficulty with construction loans. I think Mr. Issa should be given the courtesy to search for other funding sources in order to continue the project. If he fails, Buffalo should be grateful that he, at least, laid out a realistic vision for the area that can still make sense for Buffalo's future once the U.S. financial crisis has subsided.
Tex: Well said. Buffalonians certainly suffer from a "peasant" mentality. I don't know what's worse, the peasant mentality, or the incestuous thinking of those who have never lived/worked outside of this city in "the real world" who's perceptions of how business is executed are nothing more than gross misconceptions.
Gaustad: your comments about age are nothing short of offensive and discriminatory. I know many 28-year-old brilliant people who built successful businesses and made millions. Once you get your MBA in Finance and your degree in Engineering, than you can be more critical of Issa. That's the difference between Buffalo and other places in the country. Buffalonians still have an industrial "union" mentality about "puttin' yer time in". Buffalonians can't fathom that someone younger than them could be smarter than they are. How could they be that smart without first putting 30-years in at the Freezer Queen factory? Mind-boggling! Every heard of Bill Gates, Michael Dell, Steve Jobs, Mark Cuban, or countless others who where "snot-nosed kids" when they started their empires? No wonder so many of our youth flee this city to escape the ignorance so commonplace in this market.
In my opinion, the "loan" issue is probably nothing more than a red herring. If anything, it was probably the dysfunctional culture in this city that scared Issa away: the unskilled laborers wanting to unionize, thinking it's still 1950 and an industrial economy.
Regardless of whether or not this project succeeds, I commend Issa for taking the risk. Entrepreneurs are risk takers, and without taking a risk, you can't make a return. So many of the naysayers in this post have said nothing more than, "Buffalo is damned. New York is damned. Nothing ever works out here. Don't even try." Wow- that's "brilliant" thinking. It's no wonder that the rest of the country has turned its back on Buffalo and made it the punch line of late night television.
I find this so typical of the Buffalo mentality. Someone plans something ambitious, goes for it and fails then out come the gleeful I told you so's. I have lived all over but never have I been a place that revels in failure like Buffalo. What is worse, Buffalonians resent the success of others. It is truly the oddest thing. Instead of support and respect for the successful what you get in Buffalo is the "too big for his britches needs to be knocked down a peg" mentality.
If you think this is the same everywhere I can tell you that it isn't. The Buffalo News did a story on it last year. It is real. Buffalonians resent the successful.
Unless we begin to rally around those who try to do something good, through the ups and downs, no one is going to take a chance on this city. This project may be stalled for the time being, or may be dead, but even so the work that has gotten done is an improvement to the Statler. Money has been injected into the local economy. Instead of pessimistic "I told you so's" we should be asking how has the community contributed to this setback (and don't think it hasn't) and how can we help to get it back on track.
right on Tex, silver bullets are government funded dead end projects. Convention centers, Arenas, ped-malls. Things that are meant to in one fail swoop change the face of a whole downtown. This was never hailed as that. It was certainly a big project, something that is important and would have had a great change impact on downtown but hardly something that would be considered silver bullet it nature especially since it was his own money invested into this. As far as I know there wasn't a single government dime handed out for this project. Something few to any other downtown developers can say.
Why would he leave Buffalo? He was treated so well by the unions and the federal bureaucrats. Way to attract new investment people! Great job!
Think about it. If you had ten million to invest, would you invest it in this city?
Chris, being wrong yourself (and wow, you’ve given wrong a whole new meaning) hardly makes you a decent judge of anyone else’s correctness. I mean, there is not one single prediction you just made that has a snowball’s chance of coming true.
Buffalo Casino: defacto leper’s island that no one will want to associate with. Why would a business want to locate nearby to a vacuum cleaner that sucks people in, sucks the money out of their wallet and then deposits them back in their car with a belly full of bad food and beer? Chip strip bars do not want to compete with the monolith and won’t. Even if they wanted to, the seneca’s have forced the price of real estate in the vicinity well beyond the reach of the “vomit” crowd. Need real life proof, cruise NF around the casino up there as see if you can find a “scene”. Chip strip bars will stay where they are.
Theater District: Growing? Um say what? It just lost one of its anchor tenants, two if its vomit bars were forced to close to save the vomiters from drive-bys and this is a growing district?
Court house: since when did doubling space = doubling bodies? If a family of four moves from an apartment of 1000 sf into a house of 2000 sf, what just doubled?
Growing Government: though having possibly the best chance of happening, .001% is not much better than 0%. In case you missed it, Paterson was just in town (in between flings) touting higher taxes just to prop up the current level of insanely overburdening government. Bet those tax increase will inject new life into downtown business and beyond……
Other growing sectors: Cobblestone? Niagara St? Lafayette Sq? jexus that’s just too laughable to even dignify with a response but it does point up one the single biggest problem in WNY after government, government and government, that being this idea that we should prop up numerous “districts” when none of them stands up on its own. All these neighborhoods and villages, hamlets, towns and business districts subdivide the dwindling population and limited resources into unsustainable subsets.
One concrete step this area can take to fix the mess its in is to concentrate limited resources into fewer areas. ‘course that’ll never happen cause why would it? It makes sense.
hashma - When the new federal court house opens it won't create new jobs, will it? Haven't those jobs already been nearby the Statler for many years, many decades, in the current old federal court? So how will building a new repalcement building across the street 'provide businesses reason to move in' as you wrote? I agree the fed courthouse is a nice short term impact for construction jobs and it will be good to see at least some change in the skyline even if it is public sector. I don't see it as an economic boost at all, except during construction.
First, the federal courthouse will provide businesses reason to move in, second the construction of Gates Circle and the ongoing renovation of the Dulski will tell investors that Buffalo is the place to be and will give some confidence.
Dulski renovation is nice to see, but isn't it a competitor to the Statler (office space, condos, hotel rooms)? If Dulski condos and office space sell fast at good high prices then in that case it might 'tell investors that Buffalo is the place to be' regarding the Statler. Otherwise if it doesn't fill up fast, or if office rents or condo prices need to be dripped, then it might send a different message. We'll see.
This project may have been premature and poorly timed. Unfortunately, the credit crunch has restricted funds for ANY project across the country. We don't have it nearly as bad as some of the boom towns of the 90s. Tampa lost over 10,000 jobs last year and are expected to lose more, Cleveland has been hit hard by the foreclosure rates, something we haven't seen, and its only going to get worse. For Buffalo, and the Statler, time is what is needed to move forward. First, the federal courthouse will provide businesses reason to move in, second the construction of Gates Circle and the ongoing renovation of the Dulski will tell investors that Buffalo is the place to be and will give some confidence. We just got ahead of ourselves, but in the end our city will grow and, quite frankly, its better here than in many towns during the recession.
If you read the entire Buffalo News article, it stated that Issa was not granted a loan that he needed to continue work. If that was the only reason he is halting working for now, that's not too bad. It also mentioned that there is a "plan b" and "plan c" in the Bflo News.
Chris, thanks for positing this article. Yes, it is a bump in the road, but it is not impossible.
Gaustad:
Perhaps my MBA would surprise you! Perhpaps my life experience would surprise you too (I run a multi-million dollar business based in Manhattan). Perhaps I don't have a Pierre Tugeon jersey since I am an "outsider" who does not spend my time obsessing over Buffalo sports. Perhaps you should re-read for comprehension and see that my post had nothing to do with likening Silicon Valley millionaires to a rehab project in Buffalo. Perhaps if you are worth your salt, you would be a change angent instead of a keyboard critic. Perhaps you should move back to Palo Alto if you sincerely believe that this market cannot be salvaged.
Well, gaustad, if having some optimism is being "gullible" and "naive", then well I guess we should all sink down into our respective corners and rock back and forth because this world has no future; right...I mean, I'm sorry but at the time it looked like the project would happen. Lets see what was going on at the time; downtown was growing faster than it had in many, many years, and another project had just been finished; the Larkin building. Now, I looked at that and thought, well if that would work in such a run-down area, why couldn't the Statler work? Was I out of line for thinking that or would it have been better to doubt and ignore the facts? I don't know, but this city and BRO as a whole are really getting on my nerves if thats the general conscience. And, for your information, I'm actually Pre-Med now planning on going into neurology, so you may have gotten something right; maybe I should just leave for my residency and stay out because these pessimistic attitudes are not worth fighting any more.
So BRO and Donnnn Esmonde will both have to find new best friends. No more Bashar worship. Truly sad.
So it appears the 2 year long love fest with this guy will finally end. Apparently nobody at BRO did research to see that his past projects never got finished. It was obvious from the beginning that this guy was a dreamer and had no real plans for this building. Yet another Buffalo project falls by the wayside.
What sort of time or energy do you you or anyone else have in it beside the owner and his employees/contractor? elected officals were only doing their jobs gravy-training it and the city employees were actually doing anything at all in reviewing applications for approval and construction in accordance with their job requirements.
Maybe you mean you are disappointed that the project is about to tank and the emotional investment is a disappointment. If so, I suggest you stop wishing so hard on things that sound too good to be true.
As for what poor little buffalo can do to change the awfulness of its economic condition, I suggest sessesion from NY State. With our new uber-liberal governor, its only going to get worse. Maybe we can draw a new state line at US-81 and rename the resultant area Seneca State.
It's over for Issa. It's not over for the Statler. A new developer can get this thing rolling but it will have to wait until the credit markets normalize and money starts flowing in the pipelines. There aren't enough fingers to point blame..so why bother? Chalk it up to "circumstances" and be done with it. If Issa won't let go of this landmark, then a good start for him is ground floor stuff. Patch the holes, bring in the tennants and plan for better things above.
Issa was/is inexperineced and the project was doomed from the get go. The thing that urks me is that he comes to town like a real "know-it-all" at 28 yrs old and starts giving public speeches/seminars on revitilizing donwtown......and everyone bought into his bullsh!t
This a very good time for Buffalo to take a good, hard look at itself and ask, "what did we do wrong and what can we do to prevent this from happening again."
DON'T POINT THE FINGER AT ISSA:
1.) Seems as though the politicians and others "players" put way too much faith in this young guy from the get go.
2.) We did not conduct the proper due diligence on Isaa and his past track record.
3.) Buffalo had every right to question the viability of his financing, which was never done.
Yes, the country is now experiencing a "credit crunch," but there are also many other factors that have stalled this project. According to the plans, the project should have been completed by now.
Everyone was too enamored with very unrealisitic expectations for the Statler and the "pie in the sky" Condo tower.
Although, Buffalo could not prevent Basha from purchasing the building, we could have saved a great deal of time and energy since.
Perhaps if we asked the right questions, we may have found another developer with the expertise to get a deal of this magnitude accomplished.
Unfortuantely, this landmark building will now sit as a vacant eyesore in the heart of downtown.
Regardless of Issa, there is a pattern in Buffalo that has carried on for the last 50 years. Why? What are we doing wrong? How can we change?
Atwater, you couldnt be more wrong and its disappointing how little vision you have to look forward. I would advise you to stay out of the business sector.
The future is pretty clear and its looking more and more like this:
Buffalo Seneca Creek Casino opens with lots of glitter and neon all night long making it our defacto 24 hour section of the city which Chippewa cannot compete and thus one by one Chippewa vomit district relocates to the area surrounding the Casino.
What happens to the Chippewa vomit district? It gets absorbed into the growing theater district. Yes we lost the Studio arena but that does not mean a shrinking or stagnant theater district. Studio Arena will most likely be replaced by a downtown performing arts center occuppied by UB but that is a ways off. In the present time the growing theater district is comprised by growing pre/post theater crowd which is more about low key socializing than the drink, get laid and vomit (preferably not all at once) crowd.
The Chippewa vomit district is also going to get absorbed by the growing government (federal, state, county and city) district (in other words the employer of last resort).
What does this have to do with the Statler and how will the new Federal Courthouse create jobs? Atwater I think your rather short sighted in that the old Court Facilities were to cramped, in fact, so cramped that the old federal court building will remain completely occuppied even when the new federal courthouse is complete. This translates into a more than doubling of all federal legal presences in downtown Buffalo and the possibility of federal cases that would have gone to other federal courts now coming back to Buffalo!
Furthermore those increases add to density and synergy which will not just impact the Dulski but the Statler and the proposed Court Street Center.
Longterm this spells doom for Snyder and the Hyatt as well as the convention center which will soon be persona non-grata. If snyder was smart he would have planned for a mixed use (office, hotel and residential) for the hyatt so that he could adjust to the coming changes downtown.
You want an even longer term forecast for downtown investment. Ok, here you go! Next on the agenda for downtown are three areas which will spin off from the current growth. One everyone knows about and that is the Cobblestone District with the Casino. The second district will be between Niagara Street and the Niagara Expressway. The third will be Lafayette Square. Lafayette Square will be the next most valuable redevelopment of downtown and you will know when that is happening when someone announces the same plans for the hotel Lafayette as are being proposed for the Statler.
LOL, all these goobers, without a pot to piss in, criticizing some one who has alredy spent 10 million, out of his own pocket, to purchase and begin a large scale renovation project. Actually its pathetic.
Simcoe, you took the words right out of my mouth.
DJCramer:
I only skimmed your post becuase it really made no sense.
Perhaps, you might consider using a synonym for the word Perhaps, if you are as educated and successful as you claim to be.
Or, "perhaps," you should do your due diligence on Buffalo politics and real estate before you pass judgment. It doesn't take an MBA or a "CEO" to figure out that Issa was simply not qualified for a project of this magnitude.
You can dispute the facts any way you want, but at the end of the day, a project of the complexity requires seasoning in commercial development and banking, which Issa clearly doesn't have.
DJ, its ok if you live in a studio in NJ and take the path to midtown; I have a lot of friends that do the same and they all claim to be millionaires too.
I am not going to say I told you so... Buffalo needs to look at all of these elbaoborate projects, both residential and commercial and ask "how are we going to fill these spaces?" The Statler project with that huge sky scraper was a classic example, the only publically committed company to pledge space was Cannon Design (the project's hired design firm).
All of these condos going up coupled with the lack of lending from any bank outside of China; I simply can not see Buffalo's ability to absorb it all. I have said it all along, developments for the sake of development is a road to trouble; New England in the early 1990's and the S&L failures as well as large banks like Bank of New England being taken down by the condo crisis.
I say, work with what we have; the bike paths and parks and waterfront recreation and build as needed as opposed to creating debt and bankruptcy. Plus, where will the money come from for all these new shiny buildings? HSBC? Doubt it, Citi?, Bear Sterns?. Even the European banks are feeling the credit crunch and look at the strength of the Euro vs. the Dollar...
I think these developers are going to have to prove a sure thing in order to get credit and capitol; I will be very surprised to see the Gates Circle project go through as banks are pulling out of Private Equity projects left and right (See the Clear Channel colapse).
Sorry but the timing of the credit crunch may be the best thing to happen to Buffalo as if the money was flowing like it has been for the past several years, Buffalo, in my opinion, would be stuck with a lot of empty buildings and projects.
I think it is time to improve our parks and schools and recreation areas (replace the trees) and wait this credit crisis out and build as needed, not as wanted.
The reality is that no major bank will lend money to complete and 80 mill dollar project in our shrinking city. The economy is just no strong enough here for banks to take that chance, especially now.
1.) Credit Crunch will delay this project for a very long time
2.) I can't think of anyone that will want take on this project after experience with Union problems.
3.) No federal funding available.
So this building sits vacant for a very long time or until Bashar can sell.
Has the building been listed for sale? Should be interesting to see what he wants to flip it for......I say 15 mill.
This building will turn into the AM&A's of downtown. It will decay and stay vacant for yrs.
If the city and county were smart, they would start handing out violations, fines, and anything else to get Issa out of here asap. Force him to sell and leave.
212Frank-If this is who I think it is, the past owner of a certain bar, you should know a thing or two about running a biz into the ground.
I will have to agree with Atwater. Chris, no pun intended.
Hashma, put down the Kool Aid ......aren't you the one that said you were going to move out of town for 5 years until all these wonderful projects came to fruition???
Chris69 - we will be DEAD by the time Lafayette Square is redeveloped, unless Greenland keeps melting and we are blessed with San Diego type weather.
Has anyone read the following article: !!!!!!????
http://nbcsports.msnbc.com/id/21257532/
Pay close attention to writers tone. How does it make you feel?.....I am fed up with this crap.
Steel you are right, maybe it is time to give up and move. You can add me to the the number of departed.
Hashma, you are one of the brain surgeons that touted this project and the condo tower. I remember you as one of the many gullible naive that thought that Bashar was our white knight.
the fact is that Bashar had plenty of time, while the economy was still liquid, to get this project moving and didn't is ridiculous.
This isn't a matter of of trash talking someone with vision, but self examination of the reasons why an over grown like Bashar can waltz into downtown Buffalo and sell everyone a bag sh!t.
Another black eye for the community....smarten up people......there are some of us out there with pride.
texpat10....Let's hope he didn't get any public $....he's spent less that $2 million since he bought the building. He certainly isn't "wasting" cash on his employees. The only thing he took care of was the elevators..and only becuase he had to get them operational after losing Canadian power source.
The lobby tile is sort of a joke. The hotel room work was all demo, no investment beyond labor cost.
And..pleae list the projects he's completed in Manchester.....if you can get to two (and holes in the ground don't count) it will be a miracle.
(p.s. he took down his fancy Statler web site...what does that tell you)
the only thing shocking about this story is that it took this long for the wheels to come off the deal. the original plan was disasterously ambitious for this market. pile on a heaping helping of union labor/agitation and Dulski jumping ahead of him for the hotel and office components and you have a plan whose failure should surprise no one save the monied out of towner who thought he had a bargain. I wish weren't so, but wishing it were something it is not only leads to this inevitable disappointment.
the out of town guys that own AMAs just called and wondered if Basha wants to try something marginally less ambitious. he declined but tim tielman was on their call list so theres hope still, no?
Issa acted like a teenager using daddy's money to buy an over-priced car, from day one, and not ready on day one to handle the situation (if I may borrow from the current, dreary political discourse). The girls along the road fell for him completely as he drove by in the 400 hp phallus.
Gotta love all the visiionaries who predicted failure. Including all the newly registered commenters.
Chris69 I am all for Buffalo to come back, but were you wearing your beer goggles when you wrote your thread?
Most of you people are such f#$^ing hypocrites, you make me sick.
For the past two years, the great majority of you have been verbally blowing him on this very site. Now, as soon as the jizz is drying on your collective chins, 75% of the comments on here either fall into the "typical Buffalo," or "I knew this would happen" category.
Say Tex, did it ever occur to you that what you are hearing is a call to stop kidding ourselves about all these silver bullets that never, ever work out. The reason people like me throw rocks at 'em is they represent false hope and are a misdirection of effort away from the underlying cause of buffalo's problems, namely the excessive government, regulation and taxation that chokes the life out of everything in this state with the exception of NYC and Albany. Everywhere else in this state is a basket case and albany is saved only by the presence of the funding behemoth that is state government.
you may take solace from the bass pros and waterfront interpretive centers and income tax credit fueled housing but I see it for what it is, subterfuge. It wont change a fundamental thing. this state is broken. buffalo is on the business end of the $h*t storm that is Albany politics and thats why people dance on the graves of silver bullets that (always) turn out to be duds.
ha hahah...haha.hahah......haha.h.ahaa...haha,
this is perfect, typical buffalo.....
gaustad is dead on!
every one who did their research knew that this guy was a con man...he is just using his daddy's money, and has never finished anything.
buffalonians need to stop being so gullible!
ive said it before, he was always just a monorail salesman.
http://tvmedia.ign.com/tv/image/article/731/731095/thesimpsons-margevsthemonorail_1157690485.jpg
whats a rich guy like issa need a loan for anyway? oh wait, perhaps he doesnt quite believe in Buffalo that much. dont want to risk his own personal wealth. long live the LLC!
shouldnt have shunned those historic tax credits so quickly, eh?
You'd think someone running a multi-million dollar business in Manhattan would not have the time or inclination to be blogging all day long on a Bflo orientated site.
DJCramer:
It is disheartening how little you actually know about the real world.
My MBA and life experience might suprise you. Most people on this site know that I am not someone who supports the 'factory' mentality.
Your list of Silicon Valley millionaires ( I lived in Palo Alto as well), have nothing to do with an enormous rehab project in downtown Buffalo. Indeed, on the real estate and development side there requires more seasoning than sitting in your garage and writing software. Two totally different industries.....Regardless, there is no disputing the fact that Issa is "green" and has had trouble with his other projects over seas.
Issa was treated like a God in Buffalo. Due to his lack of experience, he tried to sub-contract this enormous project and never anticipated union interference in one of the most obvious places in the country for union involvement. Buffalo NY.
Now go put on your Pierre Tugeon jersery from 1987 and tell me when Bass Pro will open their doors.
This is all becasue of people writing bad things about him in palces like this. Its hurt his feelings that noone trust him and I can't blame him!
Yeah the Statler meets the silver bullet test cause it was a giant project whose tide was going to lift all the other poor little boats downtown. It has less of a ouch factor cause it was (as far as I know) a private deal. But like I said, anyone that knows anything about RE development knew that thing would never fly.
And "200 Delaware"? You mean the Dulski Deal that is benefiting from more than $21Million in public sector contributions?
"200 Delaware will be assisted by a $7 million grant and a package of loans and tax credits. Private sector investment totals $56.6 million, including up to $14.6M in loans from Empire State Development’s Job Development Authority and Economic Development Fund."
Seeing as how all us taxpayers are investors in the project, you think Bill and Carl are gonna cut us in on some of the upside?
someone else said it right, the press pounces all over some these projects before they are even legit or off the drawing board, then the deal does not pan out and a another series of stories.
Hashma, I am not going to fault you for being optiimistic and having hope for our destitute city.
While your facts are significant, there was no way Bashar could have pulled this project off with his experience and "hard money."
Well, at least he is headed in the right direcction; pretty interesting that he is now investigating tax credits.
He should retain/consult/partner with Rocco T, then this thing might get finished.
One thing that can be said for sure is that newly registered posters can not be trusted. After all, they are newly registered.
The new Federal Courthouse couldn't have come at a better time. If the economy tanks ( and we'll really see it in about six months, so say the prognosticators of CNBC ) public sector spending can help soften the blow. There could be more activity and employees there as well if the feds see more border related issues hitting the docket...remember, they created a new set of rules for border crossing as well as anti-terrorism hysterics and that will generate more 'customers' at the federal courts. As for the Statler, I've seen a few of these "grand dame" hotel renovations in other cities and this story isn't unique. Other renovations have failed over the lack of capital, poor cost management, and the simple fact that you have properties built before WWII that had many small rooms with microscopic bathrooms, primitive HVAC, and every conceivable drawback with the spiraling costs of labor and materials added to which, you have to enlarge those rooms which means you'll be renting out fewer of them in markets where hotel occupancies are often less than 60%. Who would lend money for that? Like a sphinx, The Statler will just have to wait until all the stars are aligned. Let's hope we're only talking years...
My reference to federal bureaucrats was to the NLRB, not OSHA which I did not know about.
Just as it was impossible to predict issa's arivial it's just as pathetic to say that we have this huge dark cloud over head. In order to boost productivity we need to create a pinball effect with our projects. Letting things incubate is not going to hurt the future, what hurts the future is a lack of aesthetic continuity between the imaginative investment and public interest. Issa was going to re characterize the elegant stoicism of buffalo, our whole charter has gotten off on easy street, cheap hotels and bad breakfast.
There will be a day when the young and dying cries of the media will rest their heads at the statler.
Sbrof, I will be writing an email today to the Mayor to try to explain the program and its ramifications. Of course I have no expectation of the email getting to the mayor, but it would be nice to get a response. At the firm I work for, the historic tax credit and associated national register nominations are our business and we've seen what the credits can do. It's sad currently we're working on two high rises in Jackson, Mississippi, but our mayor can't grasp the concept.
Jim O. - I don't know whether OSHA bureaucrats treated Issa well. It's possible they got it wrong, but their claims mainly related to Statler laborers allegedly not being provided protective gear for removal of lead paint and asbestos.
Safety, labor issues cloud multi million-dollar plans of Statler developer By Sharon Linstedt NEWS BUSINESS REPORTER 01/23/08
...Meanwhile, Issa's company faces U.S. investigations by the National Labor Relations Board and the Department of Labor's Occupational Safety and Health Administration for practices tied to the $118 million Statler renovation.
...The OSHA investigations target Connex Construction LLC, the construction arm of BSC Development, and C. Tabbi & Co., a local firm hired as a drywall and painting subcontractor.
...OSHA, which had threatened fines of $15,750 for the violations, confirmed that it reached a settlement with Connex on some of the charges as of Friday. Terms of the settlement were not disclosed.
Sworn statements by demolition and construction laborers filed with the NLRB also allege serious safety lapses. The workers' affidavits contend that they were ordered to remove sections of walls and ceilings, exposing asbestos, without the benefit of protective suits and breathing apparatus, or abatement training. ...
Whole thing here about 10 items down. That article also says Issa had an unusually high number of noncompliance notices over the past year under British health and safety laws on his project over there. Might just be a run of bad luck.
Mayor Brown, "I don't specifically know what they are." referring to Historic Tax credits....WHAT!
ok I would expect this from someone on this site, myself included, hell anyone not dealing with renovations of buildings doesn't need to know about these but wouldn't you think it would be important for the Mayor of a city, especially one that needs large scale renovation and redevelopment to understand probably the most important development tool for our city....
These tax credits are the lynch pin that provides the gap financing for most of the downtown redevelopment projects. I would think it is in Brown's and the city's best interests to know them inside out to see where the city could reinforce or at least lobby in support of. Amazing...
Buff..i do believe there have been prior stories on the jazz club, as well as the pool area that are being worked on
Issa has come forward and claims that construction will continue when a few loans are approved based on historic preservation (90-120 days). He also states that The Wyndom Hotel will be announced as the hotel operator. Construction will not be halted on the lobby apparently, only the rooms.
hashma - To answer your question to me, I've been thinking the new fed courthouse is to be an upgrade in facilities and security compared to the existing one, but never heard it meant Buffalo was getting additional fed court work or workers.
Chris69 apparently thinks the work is doubling, which to me would imply transfers from another city or some other court district. I really don't know, but I just Googled and none of what I saw mentions any increase. News reports focus on construction spending and skyline impact. If it meant a big jump in fed workers here then I'd figure Higgins and Schumer would've bragged about that. There will always will be slow steady growth of court cases and workers over the years as more law becomes federalized for better or worse.
Economic benefit during construction will be good, and then to people who work there much better conditions and security. Beyond that, I'm not aware of anything.
The old courthouse building (built 1936) still in use has apparently very cramped conditions. After the new court house is built, the old one will be upgraded and used for bankruptcy court which currently is in a different old building downtown according to one report I saw. Don't know what's to be done with the current bankruptcy court building but that's along way off and is probably a much smaller building.
If the Wyndom works out, there will be a nice grouping of Hotels/Eating/Th
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