Buffalo, N.Y. (WBEN) - While it is true that Douglas Jemal has been shedding properties from his local commercial real estate portfolio, the developer says he remains committed to owning and working on deals in Buffalo.
But, Jemal has some concerns - many centered on attempts to secure public sector financial help with his now-stalled $150 million restoration of The Statler, the 18-story historic landmark that overlooks Niagara Square.
Tax breaks, or other incentives, are needed for the project to pencil out and thus far, Jemal said he has not heard any positive feedback from various public sector entities - something City of Buffalo officials deny.
"It has been a rough ride," Jemal said.
However, Matt Janiszewski, Upstate Press Secretary for Gov. Kathy Hochul, said the governor was a big Jemal supporter with Empire State Development allocating $12.5 million for the Statler project.
"But, it's now clear, he over extended himself," Janiszewski said. "Rather than spreading misguided views of a disgruntled developer, he should focus on fulfilling his commitments to this community."
Downtown Buffalo remains Jemal's primary focus. In less than five years, he transformed the vacant, 38-story Seneca Tower into a vibrant, mixed-use complex anchored by such commercial tenants as M&T Bank and 115 market rate apartments.
Jemal also transformed the former Buffalo Police Department headquarters on Franklin Street into The Police apartment complex and is finishing a mixed-use development at the corner of Elmwood Avenue and Bidwell Parkway. Work on the Elmwood-Bidwell project has re-started after a brief delay.
"It's full steam ahead," Jemal said of the Elmwood-Bidwell project.
In recent weeks, Jemal has sold the former Curtiss Malt Co. building on Niagara Street to Rich Products and, will, soon be closing on an aft-discussed deal to sell the portions of the Boulevard Mall that he owns to Benderson Development Co.
Jemal said he decided to sell the mall property because of his frustration with Amherst officials who he described as "dragging their feet" on the project. That accusation has been denied by Amherst Supervisor Brian Kulpa.
As for other projects in his development pipeline, Jemal isn't closing the book on them, although he will need some public sector help and a more development-friendly environment.
"Yes, we will need some help," Jemal said.