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What To Do With the Statler Towers - Jim Fink

May 21, 2014|

Part III

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Automatically Generated Transcript (may not be 100% accurate)

Jim thank -- -- -- -- first -- little studio we're talking about to move the future of the immediate future and the long term future. Of the former HSBC tolerable for the main street. Jim you know that we have the anxious BC tower -- We also have to keep bank building that Delaware and north of going vacate as soon as their new building. It was developed and that the staff cartel or you know not to mention a lot of the buildings and I can't think of me a lot of the older the space building you know. Now let's just talk about the -- bank building. When Delaware north does vacate Lou portion of the -- right now. On about a 110 thousands where he is that a few floors had several floors in the south tower and there are. They our prospects of renting them out of somebody is. It's probably a lot better. And then it any other buildings in downtown buffalo team. It's -- new buildings got a very good bones it's. -- -- for buffalo standards anyways but twenty years old 25 years old. It's good central location I was he retired from plasma they're sparking. There -- a lot of amenities. I think that space -- -- at least up fairly quickly probably night. Any one single user. And listen this IBM deal really does happen and they really do and of going there. But I think I see it more getting they would take -- the whole building went well there need about a 100000 square feet to a bill. They would eat up the largest portion of the -- and -- space. But there's all much new development going on in the city and -- but it just does bring in my analysts and the office space and we haven't mentioned attack -- a cent area but. What about from the second floor up on the -- how much office space there's empty. Well the interstellar is about 850000. Square feet roughly the same -- believing that as the one Seneca tower. So he put those two together and you're talking one point six million square feet of vacant downtown space. In a downtown America that has will be over nine million square feet total space. So you're talking 1720%. But the big chunk it is a big chunk. Mark virtue when he bought the stellar was very up front his focus was. A keeping him billion alive and we got to give -- a lot of credit because without him they're -- would still be mothballed in would be a real. Eyesore and black guy. In he's doing what he's doing and you know -- with his catering he's very busy because there are there any weekend there's always weddings or something going -- The upper floors. He's going to let the market decide what happens there. My own opinion you know I wrote this in the comical for years ago. In and those they reeled off the wall. Both state has housing needs but dying -- housing needs can you should his housing need to suppose you be this housing needs. I would its own words. Maybe a little bit on the edge here. Reach out to Croce use the upper fours previous student housing. It would solve a couple of problems it would. Take care of the stellar because it was really built in 1945 to be a hotel. So the rooms are particularly large to try to renovate them into something other than. You know -- it's just not feasible assuming load bearing walls in there. So make it might work is student housing you bring critical mass to downtown and bring the right -- critical mass student housing. That was certainly to -- -- would benefit from that as would others. Again it floors again it's just my idea how many floors of the -- are -- first two. In the mezzanine while development is I mean in use is probably more accurate. That laurel where they're running room diaries and in the first two levels. And as mark applied for another chunk of state aid to help with the next phase or no we stand or just the first phase is still not arrived. The first phase is it works in progress. He is doing never you know it's X it's an expensive -- that own and operate. Just to flip on the light is probably bill that would make most was -- So he's doing he's doing the best he can do I mean he doesn't. This pockets are only so deep in his other ventures he's going to be starting work soon on record is -- in the quarter. So that that part to leave advancing fairly soon. You know. Again in going back to he said when you bought the building what happens in the upper floors will be determined by the marketplace he snack and -- He's macaroni and you know he can't blame him he's not gonna invest. Dollars blindly and you know if I build -- people will come because. That's that the buffalo market is very finite there's only so many apartments it can be rented. There's only so many hotel rooms it can be. Occupied there's only so much office space they're being used what do you do go to protect the upper floors -- know when it rains. And there's no protection. From brain and is cheap stuff and into the building and it's nobody's done that precise and done he's done -- -- -- -- there. And he has he has -- of the roof. Has there been any support for your idea now to floated now. Maybe maybe it'll take off today. Maybe. Again it's easy it's easy to write the comments say this is what you should do it's very easy to tell people how to spend their money. It's not my money. That that's an idea it's it's idea you were trying to discussing. I mean is. Jim thank you curb the problem and it's one that we enjoyed we enjoyed having you with those -- drop by again because of stories go away note isn't. Downtown office space I mean for all the advances that have happened in downtown I mean we still have some. Economic Achilles heels in the stellar in the wants and -- tower and probably -- senator at some point a critical our guest in studio husband Jim thank reporter with the business first.