Really good news for the Statler

Pinch me, I must be dreaming.

British developer Bashar Issa confirmed Thursday he will officially close the deal to acquire the Buffalo landmark this morning, opening the door to an $80 million-plus effort to convert the building into a residential, hotel and office complex.

“I am very excited, very enthused to own this fantastic building,” Issa said. “We’ve been working behind the scenes on plans for the project and now we can begin.”

While the purchase price has not be made public, Issa and BSC Group of Manchester, England, are expected to pay around $5 million for the 18-story building.

Issa, who is not seeking government funding to overhaul the 73-year-old building, plans to convert the bulk of the structure to condominiums. Preliminary plans developed by Silvestri Architects of Amherst call for the upper 10 floors to house more than 200 condominium units.

Issa also learned quickly of Buffalo’s Bendersonization when it comes to parking proximity:

Issa also plans to build an eight-story parking garage on top of an existing three-story rear section of the complex, along Franklin Street. Originally, he had planned to construct a tenant parking facility a few blocks away.

“I’ve learned very quickly that Americans like to have their cars right where they live and work. In England, people don’t mind a small distance to the car park. It’s a cultural difference, I guess,” he said.

The entire project should be done in 4 years’ time.