Douglas Development is working with the City of Buffalo on an application for state funding to assist with redevelopment of the Statler Hotel. If awarded, the $3.5 million grant under the Restore NY Communities Initiative would be used to remove an old vault in the structure’s basement, create parking within the building, and repairs and installation of sidewalk infrastructure and curbing surrounding the building. Removal of the vault is required to create basement parking.
Douglas Development plans to transform the remaining upper vacant floors to create 213 hotel rooms, 22,582 sq.ft. of retail space, 100,000 sq.ft. of office space, 222 residential units, and 100,000 sq.ft. of parking.
Douglas Development has also added to its downtown real estate portfolio. On Wednesday, Jemals Seeberg Building LLC purchased the Genesee Gateway complex from The Margaret L Wendt Foundation for $2.55 million. Genesee Gateway at the corner of Oak and Genesee Street includes 60,000 sq.ft. of office, retail space, and three apartments on the second floor. Doug Swift partnered with the Wendt Foundation to rehab the long-vacant block in 2012, piecing together five century old buildings.
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