May 21, 2014|
Automatically Generated Transcript (may not be 100% accurate)
Joining us on the WB and lifeline Peter hunt chairman and CEO of -- realistic corporation. Peter nice to have you assess. -- Once Seneca tower the former HSBC tower tallest structure on buffalo skyline 850000. Square feet of space. Is only 6% occupied right now and in foreclosure. We know you have a vision for this building what would you like to see. Well and truly answer to a question or thought buffalo after. Don't -- -- -- we -- about 24% preconceived down. This base and the opposite of space right now it's not -- -- -- better do. You were a source so we have to do something different that building considering it -- -- real -- that certain degree course prices building. Which looked -- So our thought is that that rather than just built war eagle each. That we treat though what is called a vertical -- That. There would be. Excuse in the building that would consist of -- and one would be. I -- -- -- as you and old. No I in -- but. We're also be an office up high and where they are out. We really. Don't -- not. The third count on the 8080 five star hotel. Personal five star hotel then. And you're driving -- an awful -- trial. And sport compliment would be. Condominiums and perhaps even are left. I know that I just your segment there are some aren't so -- both residential well. You'll -- about residential and about -- -- -- so you know. The demand originally was slated to Europe 200. New units. Every year. It's much higher than -- Syracuse examples 300. Pittsburgh at seventeen under 2000. Cleveland also similarly much higher than. I don't think we are beginning at the they're the real demand -- -- out. Until we built a critical mass of downtown housing one year or rent or sale. We will we will. There will be no demand from retail or commercial activity offices will continue to move outside -- -- -- -- sister because people and the like to. Live in shock and and and work in one place chest XE that's like places like the ailment -- -- so so it'll have a little haven't. On transit road in the residential developments on either side of the transit road. He wanted to go it. If you want to finish go ahead knowledge and ask you you keep referring to high end of this and high end of that. You looking for high end clients to fill of that building. And you probably have in mind. All of Leo hi in people they're going to be employed only buffalo medical quarter. That's in full gear right now there's a buffalo -- under. Riverbend the Andrew Cuomo project. That looks like it's going to be a great thing for the waterfront. Now. Is is a lawyer is a watcher you're basing the fact that high end the club because we're gonna finally is people about those money. More fundamental -- and I think -- how we view ourselves. We will continue to yourselves. Hurt or city in the country which statistically we are. 88 -- a city of integrating -- upper midrange hotel also. A mediocre office space so mediocre housing and let's keep to. I don't think that's the best thing for our community I think we need to aspire to something better. -- you're gonna do there despite building at creating -- let people see people -- I don't know why I -- -- say that there's going to be enough. Doctors are technicians are scientists will come in the middle reporter little wanna live and believe we're not talking about a million units were talking about. Thirty or forty units so this is not exactly what the market. And if you look at the rest rest the residential market in the city itself for how they're such there's heightened and it will supply. I don't know how long this -- this -- be -- job but right now it is so I think I think we have an opportunity to attract power quality. Hire people back in the central business district not just to work but to live we don't have. An opportunity for them to live someplace they're gonna live elsewhere. Something -- If you look first I am trying to meaning you couldn't find it up. Is this an opportunity I think we need to jump around. Now fast. I think the router would have been last year but as far as I'm concerned there's a time like present. Peter we're glad you could join us thanks for the input. Thank you very very that's Peter hunt he's the chairman CEO of hunt realistic corporation.