BUFFALO, N.Y. (WKBW) — Douglas Jemal, the developer behind plans to redevelop Buffalo's historic Statler Hotel, said the project is in focus after he recently sold two other properties to concentrate his efforts downtown, and he is seeking additional state assistance to move it forward.
Jemal, founder and president of Douglas Development, sold the Mansion on Delaware Avenue and the Roycroft Inn in East Aurora, in part to focus on the Statler.
"The Statler is my primary focus," Jemal said. "I think it's the most important building in the entire city."
Douglas Development purchased the Statler in 2020 with plans to add 499 apartments, 219 hotel rooms, and office and retail space. Jemal says those plans were sidetracked after COVID-19 by rising costs and financing challenges.
"We have an excess $35 million of capital invested in it to date, in excess," Jemal said.
WATCH: Douglas Jemal focusing on the Statler, help from state needed to move forward
Despite that investment, Jemal said the groundwork is largely complete.
"Our environmental has been done, our structural work has been done, our plans are done. I mean, in building a building, 90% of it is what you are doing, especially with an historically significant building in the Statler. We have that all quantified. We know exactly what we're doing," Jemal said.
Jemal said the Statler is essentially ready for next steps, but the financial picture remains challenging. He estimates completing the project will require significant additional investment.
"The project to get done will be in the vicinity of another $150 million to build it," Jemal said. "The ask is the bridge between what we need to finance it of more equity, which the equity I have in it is not enough."
Jemal did not specify the dollar amount of state assistance he is seeking, but said the time is right to work with elected leaders to advance the project and conversations with the state are ongoing.
"Governor Hochul has made record investments to bolster Buffalo's economy, build housing and drive tourism. Empire State Development welcomes discussions with any business that is looking to create jobs and invest in New York State, and the state has already committed $12.5 million to this project in recognition of the Statler's historic significance and strategic location," an ESD spokesperson said.
"We have ongoing conversations, ongoing productive conversations," Jemal said. "We're not there yet. I believe we're gonna get there."
Jemal said he remains hopeful that a collective effort will ultimately get the project done.
"I'm hoping that collectively we can all get together and see what's best for Buffalo to get the Statler done," Jemal said.
