Land buy may convert Issa skeptics

[steven]

If there was doubt about British developer Bashar Issa’s big visions for the Statler Towers and a new 40- story building nearby, that talk may be ending.

Issa now owns the site where he plans to build Buffalo’s tallest, most expensive building.

BCS Tower LLC this week acquired the property at 85 W. Mohawk St., at the intersection of South Elmwood Avenue, in a $1 million cash deal.
“I think when someone puts down $1 million cash, it demonstrates a strong commitment to the project and to Buffalo,” said George C. Hamberger, the developer’s local real estate consultant.

Issa, who has preliminary city approval to construct a $361 million, 40-story mixed-use tower, held a purchase option on the property that ran through the end of the year, according to Hamberger.

“It was always his intention to buy the site, and things fell into place for it to happen now,” Hamberger said. “It wasn’t a matter of ‘Maybe I’ll build a tower or maybe I won’t.’ ”

Mayor Byron W. Brown said the site acquisition bolsters his confidence the project will become a reality.

“I had a couple of meetings with [Issa] when he was here last month, and it’s clear he’s made the decision that Buffalo is a great place to invest.
He believes there will be a tremendous return on his investments,” Brown said.

Issa, who purchased the faded Statler Towers last August in a $3.5 million cash transaction and has embarked on a $130 million overhaul of that landmark building, announced the tower project last October. Concept drawings by Grand Is- land’s Cannon Design show a sleek, contemporary glass tower that will house a mix of offices, a luxury hotel and residences.
Early efforts to market office space in the proposed building are going well, Hamberger said.

“We’ve had some very promising discussions with a large office tenant. They could take as much as 300,000 square feet, so that’s a great start,” he said.

Hamberger declined to disclose the identity of the prospective tenant, but said it is a local company.

Issa has said that his prime target for office users are firms in Toronto, New York City, Chicago and other large metropolitan areas looking for high-end space at a comparatively low cost. That out-of-town marketing effort is about to begin.

Under Issa’s preliminary timetable, construction of the tower won’t begin until 2009 and construction of the 1.2-million- square-foot building will take at least two years.

http://www.buffalonews.com/home/story/89365.html

[therising]

“We’ve had some very promising discussions with a large office tenant. They could take as much as 300,000 square feet, so that’s a great start,” he said.

Hamberger declined to disclose the identity of the prospective tenant, but said it is a local company.

So, does that mean HSBC Tower will be 95% vacant in a few years?

[WNYresident]

So, does that mean HSBC Tower will be 95% vacant in a few years?

No rising,

The politicians have plans in place that are going to build our economy so the other tower will be full too....