Buffalo Rising Online

Not suprised. Haven't heard any updates on the Loft since it was announced over the summer.

A major disappointment for Bflo and Main Street. The property is listed as $3,999,999; nearly double the cost of purchase but not a single improvement was made. Hmmmm

I know Jas, the owner could at least clean up the windows along Main St. Remove all the graffiti and other markings and have this place LOOK PRESENTABLE. Who wants to buy a dump for that price?

Is Libby crazy or did he just get a great deal that he wants to cash in on? How could that property have appreciated by %100 in the past year? I wonder why he is walking away from his ambitious plans. Could it be that the fabled "down town renaissance" Is a bunch of bullshit? I am going to say all this now before all the comment clones can do it "It will be a great mixed use building with first floor retail" and "we dont need more parking near it...people should ride bikes and take the rail blah blah blah" Good luck finding a buyer. This shit box will sit on the market for a couple years...then when some fool does finally get it they wont be able to do anything with it because their projects will be tied up court for one reason or another. Same shit different day. Go Sabres.

Sounds like a first rate flipping act.

yeah, he is trying to make a buck without spending a penny.

What does the "Anti-Flipping" task force have to say about this? Let's see if there is an equitable dispensation of the law across the board.

I am happy to see Richard Libby relinquish this property if he is over his head already. It is better to admit failure and defeat than to prolong the inevitable due to pride and ego.

Demo!

wow... didn't see that one coming lol, Have never heard of Libby and the lack of updates on the project really made it D.O.A.... something needs to be done with this place, love to see waht that anti flip task forces says about this one haven't really heard much action from them regardless.

This "task-force" would make quite the reputation for themselves if they took this schmuck of a downstater for all he's got..... I'd really like to see someone stand up to these flippers and no-name developers; something needs to be done to better manage out of town owner's..

i wouldn’t really call it flipping. he did nothing to the property. he just bought it sat on it and as sabrof said "make a buck without spending a penny."

No flipping goes on in Buffalo

I suspect that last year's "ambitious" loft plans was only a ploy to raise the asking price for the property without improving it.

GREAT!!! Another year summer to enjoy the STENCH pour out of this dump and observe MORE paint jobs and maby even a broken window of two can pop up soon. I'm sure the visitor's, residence's, and workers will enjoy another year of walking past this "what could have been" eyesore... Typical, typical, typical. What did happen to that so called "RENAISSANCE"?????? Souns like B-S

I am ashamed to live in a society that now appears to advocate rules for selling property. The mere suggestion that Libby shouldn't be able to sell the property for more than he paid, unless he makes improvements, smacks of collectivism. The guy invested his money in the building, he owns it, and it is his right to sell it without arcane interference from the urban nazis.

Everybody with their wonderful ideas should either pool their money and purchase some property for redevelopment or keep their yaps shut. People have forgotten long abandoned values, like property rights, that have done more to advance our country than a bunch of people with nothing but ideas and opinions.

Don't worry, Mike, this building will soon be in such bad shape, it'll have to be demolished and then we'll listen to everyone say "SAVE IT!" with no takers. Anyone who has peaked in the windows along Main St. can see how bad it looks inside.

Oh Ross, now you're sounding like BuffaloFalling. Again.

Wasn't it also obvious that the Webb building had deteriorated past a viable use? The asbestos will have to be removed whether the building is demolished or rehabiliated so that is a moot issue. If the city actually inforced its laws this building wouldn't be allowed to denegrate to the current situation.

Also, while RPreskop may say there is nothing phyiscally or architecturally significant about the building, this is merely his opinion, research will tell you differently. From Martin Wachadlo's AM&A page on the Buffalo As an Architectural Museum website "The Main Street section was built in 1935 to the design of Starrett & Van Vleck, a major New York architectural firm most noted for their department stores, which included Lord & Taylor, Saks Fifth Avenue, and Bloomingdale's."

I agree with RPreskop, this building is NOT Attractive. I'd rather see a bright NEW HIGH RISE take it's place.

While Libby is free to sell the building, shouldn't he be held responsible for the code violations? I know most of them were there when he purchased however if he's doubling the price, he should still need to do repairs.

He probably knows someone at City Hall and is allowed to do what ever he wants...That's how it's done in this town.

magnum, THANK YOU for noticing the assessment increases in the City of Buffalo. By not raising the assessment this coming year, the city will lose about $90,000 in property tax revenue.

It would be nice to have a 'project ticker' on the internet where Buffalonians could track the progress of projects from public proposals to actual completion. This would be a handy tool for all city managers. Note: I said managers, not leaders.

I still want to know how it is more economically feasible to demo it and build new, have you seen a feasibility study? Also, I guess the land would be more valuable because our city will pay for the demo hoping someone will invest. I ask again, wasn't the Webb building deteriorated beyond a feasible solution?

As for wanting to see a new high rise in its place, I think we wouldn't mind seeing new high rises in any one of the numerous already vacant parcels/surface lots downtown. No need to knock something down to accomplish that task. Especiially without one even proposed.

Didn't Libby, when he first bought this site, make some 500K worth of interior repairs because of code violations? But, was recently slammed with more?

A bright new high rise? What makes anyone think that a high rise would be economically viable on that site when any investor would have to put in the costs of demolition?