The Buffalo News doesn’t jinx

Bashar Issa closed on his $5 million purchase of the Statler Towers today, where he’s planning on sinking $80+ million into the place. And the news put that on page D7.

Why isn’t this A1 news? Unlike the nebulous, controversial Seneca casino, this deal is actually happening. Issa and his BSC Group, his Manchester, UK, based development company, actually bought the thing.

There was no controversy surrounding the deal. He’s not holding out for the city to give him a street, and based on his track record of restoring vintage properties and investing in rebuilding areas is impeccable.

Yet the News and the rest of Buffalo’s MSM outlets are virtually ignoring the deal. I think Buffalo Pundit’s post on the deal is indicative of why: no one can believe this is really happening. Hell, even Byron Brown hasn’t met with this guy yet.
I think the reason people are so skeptical of the deal is Buffalo’s been burned before. But this is one case where rolling out the red carpet for Issa is worthwhile; he’s doesn’t have to rely on government money to make this deal and check out the BSC Group website and their other projects. When it comes to investing in a rust belt area, there aren’t many companies that can match their track record. Manchester is basically a bigger version of Buffalo – a city ravaged by dying steel industries and fleeing population. In recent years it’s made an amazing comeback – it’s more cosmopolitan, and it’s become a chic place for young professionals and companies to locate. BSC’s projects tend to be beautiful – and successful.

UPDATE: Here’s a telling tidbit I heard from someone who’s had indepth contact with Issa and his group: One of Issa’s top-tier guys said this about Buffalo: “Buffalo is where Manchester was 15 years ago. You’re right on the cusp of an explosion.”