Quote:
Originally Posted by JWRocks
This may be a little premature. The developer must still invest millions and millions into this building and then fill it with tenants. Even if he is successful with this building, what about the rest of downtown. Will the new developer poach tenants from other buildings, thereby weakening those buildings too. I think the local developers have a better idea of the local economics and they rejected this building themselves.
We'll be watching.
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BUFFALO, NY-- Buffalo's tallest building, which has been sitting pretty much empty, is about to have a new owner.
The Douglas Development Corporation, which is based in Washington, DC., says it has executed a purchase agreement for the acquisition of One Seneca Tower and 50 Exchange Street.
“The redevelopment will have a tremendous impact on the skyline and we hope to guide the redevelopment to be representative of the “new” Buffalo that we’ve fallen in love with,” said Douglas Jemal, President and Founder of Douglas Development Corporation in a released statement. “We are excited to see such an exciting renaissance overtake the city and look forward to being a part of the positive change with such an exciting development.”
Douglas Development Corporation has a portfolio of projects stretching from Washington, D.C. to Virginia, Maryland, and Pennsylvania.
2 On Your Side’s Kelly Dudzik spoke with Jemal on the phone Tuesday about One Seneca Tower.
"What's so appealing about it to you?" asked Dudzik.
"What piqued my interest is the people that give up because I don't give up," said Jemal.
Jemal is referring to the deal to buy the tower that another developer made that fell through recently.
He says his plan is to turn the tower into a mix of retail, office, and residential space, as well as a hotel.
"What do you think about how it looks on the outside?" asked Dudzik.
"We're going to make it more pedestrian friendly," he said. "It's going to have a friendly look not like an enclosed mall."
Jemal says he hopes to start removing asbestos from the tower in six months. He expects the first tenants to be able to move in after about 18 months.
This developer specializes in buying historic buildings and transforming them into mixed-use projects. One of its largest is 655 New York Avenue in D.C. That space encompasses more than 750-thousand square feet and includes historic row buildings and a new modern mid-rise glass building.
In 2014, our sister-station WUSA in Washington, D.C. talked with Jemal about renovating the Washington Coliseum, which is where the Beatles played their first U.S. concert.
"This has got a culture. It's got a feeling. It's got a look. It's got an attitude. It's got soul. It's got heart," Jemal said in 2014.
Despite all of his success, Jemal's career hit a snag back in 2005. That's when the Washington Post reports he was accused of bribing a city official to get contracts. A jury acquitted him on those charges, but found him guilty of one lesser count of wire fraud.
"What kind of assurances can you give the people of Buffalo that everything is on the up and up?" asked Dudzik.
"Everything is on the up and up, I can tell you that. On the up and up with me," said Jemal.
Jemal would not tell us how much his company has agreed to pay for One Seneca Tower and 50 Exchange Street. He also would not give us a potential price tag for all of the remediation and renovations.
Buffalo Mayor Byron Brown issued this statement: "We are pleased with the continued interest in One Seneca Tower. We've had preliminary discussions with the developers, who have already shown a commitment to the project and look forward to working with them in the coming months. "