By Mark Scott
Buffalo, NY – The proposed developers of the vacant Statler Towers downtown detailed their plan Wednesday for what they're calling a "blended partnership" to save the downtown landmark.
Local businessmen Mark Croce and James Eagan have submitted a $700,000 bid to buy the Statler. But in a presentation to more than 100 community leaders inside the old Terrace Room, the two businessmen and their attorney said more financial resources are needed for their plans to move forward.
Croce says their company, Statler City, is prepared to invest additional dollars if other money can be found to secure the building.
"What we want to do is re-light these lower levels," Croce said. "We would partition off the upper floors for future vertical development. We would take the revenue that would be generated from the lower levels and use it as cash flow for the 'organic' development of the upper floors."
Croce and Eagan are facing a Monday deadline to finalize their purchase agreement. Their attorney may seek an extension from the bankruptcy trustee to give them more time.