Walk into the Statler Towers and one of the first things you'll notice is the new marble tile flooring. More than $18 million dollars has been spent so far on renovations, but Bashar Issa is now putting a halt to the work. The developer is applying for historical tax credits...totaling 20 to 30 million dollars. "We are putting things on hold for a bit until we actually make sure that we have that sort of approval in place," said Issa by phone from his offices in the United Kingdom.
Issa says it may take 90 to 120 days, but he is confident the money will come through. "There's no reason for us not to get it. It's a historical building which requires historical renovations."
Mayor Byron Brown is glad Issa is committed to the Statler. says, "It's a very high profile property. Certainly want to see the project move forward."
The developer says there's more good news to come. "It is to do with the future of the Statler and it has to do with a tenant who's taking about 70 percent of the overall building," said Issa.
Mayor Brown said, "Hopefully it's going to be a very positive development for the city and we are certainly looking to hearing more when Mr. Issa announces it." That announcement is expected sometime in May.
And what about that 40-story mixed-use building Issa wanted to build at the corner of South Elmwood Avenue and West Mohawk Street? "We haven't neglected the other proposition at all. We've invested heavily into marketing....I am in dialogue with several large hotel chains which are keen to me and the region." He says wants a 40 percent occupancy before a shovel goes in the ground.
Twitter
Facebook