The Issa debacle. Part 98747212353

Around this time in the year we were supposed to find out about Wyndham committing to the Statler and Issa getting some cash flow from a European bank…

…not so much.

Instead, his Manchester portfolio is all but pipe dreams and what has been built-is no longer his…

Crain’s Manchester Business has reported that the BSC Group – the development company Issa operates – has seen two of its projects turned over to David Costley-Wood of the Manchester office of KPMG. The projects include the Sarah Tower, a proposed downtown Manchester tower that was supposed to house a hotel and after attempts to sell 130 apartments fell well short of its goal, and the partially-completed Sarah Point that would have included 140 apartments plus a health clinic and retail component.

He’s still giving the Statler project the old college try however…

Issa’s representatives have reached out to Erie, Pa.-based Scott Enterprises, a family-run hospitality company, regarding a partnership with Issa’s BSC Development Buffalo. The deal under discussion would see Scott become the hands-on operator of a proposed 346- room Wyndham hotel.

Issa has told the British press he is negotiating with Gresham Ltd., a London-based lender on a $240 million (U. S.) loan. He has also filed an application with New York State for $20 million in Historic Tax Credits.

I still believe the Statler will get done somehow but god knows how long it will take. Its embarrassing to know that my first blog post about him saving the Statler is in building’s lobby and “Press Release” section of the Statler site.

The fancy websites, the yachts, the pay-to-watch speeches. What an incredible facade.

Note to self: When a rich man from abroad with no development experience in the states and very limited ones in the Buffalo of the UK- Machester- undertakes two large development projects downtown, be more suspicious next time.