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Old November 16th, 2007, 06:36 PM   #81
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Good for Buffalo, any type of large scale development is a good thing for them. Not really sure it fits into their skyline but its a start at least.
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Old November 23rd, 2007, 05:24 AM   #82
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Any new updates?
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Old November 26th, 2007, 04:24 AM   #83
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It's been pretty quiet lately.
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Old November 27th, 2007, 03:15 AM   #84
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That could mean a deal is in the making or its having a hard time getting more space sold.

hmm.... I'm honestly going to think that a deal is in the making.
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Old November 27th, 2007, 05:52 PM   #85
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Here is a link to their leasing site:

http://www.loopnet.com/ProfileChoose...PopupView=True
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Old November 27th, 2007, 07:12 PM   #86
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54% occupied and 600,000 SF only remains! Great news. I emailed to realtor to see what is still available as far as condos. If the 40% pre-lease is still the goal, then this should be ready to go... right?
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Old November 27th, 2007, 07:49 PM   #87
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54% occupied and 600,000 SF only remains! Great news. I emailed to realtor to see what is still available as far as condos. If the 40% pre-lease is still the goal, then this should be ready to go... right?
Unfortunately Wrong - the 600,000 sq feet equals 100% of the leasable office space. the remaining 700,000 sq feet is for hotel and condo space. Thus 600,000 square feet available would mean that ZERO is actually leased. Of course it is possible that they are keeping the 600,000 figure on the web site even if some of it is tentatively leased. If needed I am sure that could change the mix of the building or add more floors. To me it's starting to look like this project is going to die on the vine.
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Old November 27th, 2007, 10:49 PM   #88
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The website is messed up. How does 30-35% of leased go to 0%?
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Old November 27th, 2007, 11:18 PM   #89
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The website is messed up. How does 30-35% of leased go to 0%?
When it is not really leased in the first place! Let's face it no one has ever officially come out and say that any of the building was really leased did they? If there was a real lease it is likely that the name of the company would be out there by now - after all Buffalo's a small town. It was known long before construction got under way that M&T was going to anchor the new Delaware Ave building completed this year. Same for the recently complete building on Elmwood and the Federal Government tenants.

The web site is part of the Realty USA commercial web site and says it was updated (verified) on 11/17/2007. Their business is leasing so I would think it is pretty accurate, my guess is that the project is nearly dead- plus, why else would Issa be floating the idea of an addition to the Statler?

I do know for a fact that they have given up on leasing to Toronto or NYC tenants after receiving several nearly rude rebukes!
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Old November 27th, 2007, 11:21 PM   #90
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Old November 27th, 2007, 11:24 PM   #91
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They would have announced that it was canceled. On the website it says that 1/1/09 is when you can lease space that is physically there. So they are going to build it. Also, I don't think that city would just let the project die. It would most likely try to get people in to the project.

Last edited by Dimension; November 27th, 2007 at 11:30 PM.
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Old November 28th, 2007, 12:06 AM   #92
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Also, I don't think that city would just let the project die. It would most likely try to get people in to the project.
Why would it? Why would Buffalo politicians try to help an outsider at the expense of their politically connected friends - it's just not how Buffalo's political class operates!
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Old November 28th, 2007, 12:09 AM   #93
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Quote:
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They would have announced that it was canceled. .
I did not say it was cancelled yet, I said to me it appeared that signs were pointing in that direction.


Quote:
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On the website it says that 1/1/09 is when you can lease space that is physically there. So they are going to build it. .
Do you really think a 1.3 million sq foot building, with no blueprints, no contractor and no financing or building permits applied for, could be ready for tenants on 1/1/09?
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Old November 28th, 2007, 12:25 AM   #94
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Do you think that he might be building up suspense?
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Old November 28th, 2007, 12:35 AM   #95
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See this

See more by checking photos at
http://www.saudi-directory.net
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Old November 28th, 2007, 12:38 AM   #96
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SPAM
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Old November 28th, 2007, 02:24 AM   #97
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Quote:
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Do you think that he might be building up suspense?
I doubt it! Seems to me his idea to add new space to the Statler is him coming back to earth and realizing what the limits are in the Buffalo market in 2007.

Perhaps in the future a 600 footer will work, but maybe the time just isn't ripe yet.

Look at the Dulski project - it was put up for sale, bought, a hotel signed up and concrete panels being removed - a real project.

Issa has had the Statler for a far longer time period and all we get are vague promises of a hotel and revamped elevators. He seems far more flash than substance.

I hope I am wrong, but I;ve seen too many Issa's over the last 30 years to take him too seriously.
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Old November 28th, 2007, 04:19 AM   #98
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What I don't get is why he paid 1 mill. flat for the land in June or July. I think a 30 story building would look nice there if the tower doesn't work. Maybe build some middle class condos or something. I know that would sell very fast.
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Old November 28th, 2007, 05:41 AM   #99
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Maybe he will put up a parking ramp for the Statler there, it would make sense, provided he does more than just fix the elevators.
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Old November 28th, 2007, 06:13 PM   #100
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I hope he doesn't put a parking ramp there, how lame! At least shrink the the scale down to make it work, 30+ storey condo would work. Another wait and see
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