Jim Militello knows a thing or two about downtown development and the commercial real estate market.
That's why Militello said no one should hit the panic button because developer Douglas Jemal has put another cluster of his Buffalo real estate portfolio on the market.
"Everyone adjusts," Militello said.
Jemal put all 10 of the so-called "Simon" properties along Ellicott, E. Huron and Oak streets on the market, effective March 23, with a $5.9 million asking price.
In full disclosure, Militello's firm, J.R. Militello Realty, is handling the listing.
"Douglas is still committed to Buffalo, a lot of his projects are doing very well," said Militello, who was Buffalo's development commissioner under Mayor Jimmy Griffin.
Jemal, in a previous interview with WBEN, expressed frustration with Buffalo and New York's political landscape.
In recent years, Jemal has sold off a number of his local real estate holdings
including his personal residence on Nottingham Terrace, the former Boulevard Mall and a one-time malting house on Niagara Street.
Yet, Jemal remains committed to his Seneca One Tower, the Statler, the Police Apartments and his current Elmwood-Bidwell mixed use development.
"Developers do this all the time," Militello said. "They buy things. They sell things.
Jemal bought the Simon properties five years ago, paying $5 million. He had plans to develop the "Electric District" by bringing a mix of apartments, restaurants and other attractions.
High interest rates, rising development costs and a post-Covid malaise all led to Jemal deciding to sell rather than develop the properties.
"I think Douglas will do more in Buffalo," Militello said.
