classy

If EVER there was an argument for eminent domain! Let the city take it in lieu of fines and taxes, and give to UB, Roswell, or Olmstead? If we can can't get a building to go up in this poort hulk of a has-been, maybe an urban park would work there there that at least isn't falling apart & full of asbtestos? Just an idea. If I win mega millions this weekend, I'll buy it up and build a nice multi-use facility with bike racks, no parking lot and a "cyber-cafe" for blog-fests. I'll call it "The Stymied Buffalo".

A nice 10 year tax abatement could do wonders for the financial viability of a project like this. Unfortunitly the myriad of downtown housing projects is not equalled by an increase in employment or commercial construction. The residential conversion market is only so big.

Is this not just the same as the out of town residential home 'flippers', but on a much grander scale? Do you think they really ever had the intention to bring this building back to life, or just hold it hostage for a couple years and then unload for a nice return. Perhaps the city needs to act right away, not a year or so later, and demand results more so than empty promises. I mean this company bought this property over a year and a half ago, and just a month ago the city has to shake them down to produce/put together long term plans. In my opinion, I believe we are seeing what their plan was all along. We need to weed out these companies sooner than this and find legitimate investors that arent just going to pass around this type of prime real estate, which happens to be on MAIN St. mind you.

So what exactly makes these @#$% think that this property has increased in value by almost 60% in the last 18 months? This is rediculous. Buffalo is rediculous. The city needs to start fining these #$%# like $50k per day until work gets underway or they sell and get the hell out.

Can they sell all those ugly green and blue things out in front along with it?

It is so nice to see the city doing things right for change. So often things sit dormant around here and people wonder why there is no change.

The city is being procative in this case, although it is clear the developer never had any intention of rehabbing this building. This will be an expensive project no matter what.

Sally: if you're numbers are correct then that's great but the problem with buildings is that they are stuck in situ. As a region the job growth is a great sign but the building is at one location. There needs to be more commercial activity in the area to provide the impetus for people to live down there. Also while jobs are created, how many of those people are moving into the region and not being hired from within. While all job growth is good, it doesn't directly correlate to real estate if there is no net growth to population. Al, I would figure you're correct on the empire zone designation, but the city as a whole should be doing all it can to encourage development. A city property tax abatement for the improvements would certainly provide a boost in development in the city, but then again the powers that be would have to give up increased tax revenue. What they don't understand is the "but for" dictum..but for a tax abatement, the city may never see increased taxes from development following the proposed abatement period. You have to give to get.

I think thats a great idea. I just did a reverse look up on the number and it comes back basically unlisted, but a land line based on 'the island', which is where the company is based.

Hey Al, they could move the law school there.

The Senecas should buy it (they get things done!) and convert it to affordable condos. It would be nice to have most of the 1000 people working at the new casino/hotel live downtown.

I think there is a market for condominiums in the $150,000 to $250,000.00 range.

I would think this would be a great site for the Pan-American house, certainly not 8-12 stories and truly mixed-use, but they could move it to the curb and maybe do first floor barber shop or something ice like that.

"No problem," RD, but so far, and for so long, no serious takers. Now that's a problem.