It’s a few months later than he expected, but Douglas Jemal is poised to complete his long-awaited purchase of a downtown parking lot surrounded by a highway loop, where he plans to construct a new $45 million building with apartments and parking next to his Seneca One tower.
Jemal’s Douglas Development Corp. – through a separate entity called Jemal’s Loop LLC – is expected to pay $1.5 million to acquire the 0.9-acre property at 61 Terrace, which is currently owned by both the city and the Buffalo Urban Renewal Agency. That’s the 110-space parking lot that is surrounded by the highway loop connecting the Niagara Thruway and the Skyway, adjacent to the Pearl Street Grill & Brewery.
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He was previously named designated developer of the site in November 2021, but it has taken a year and a half to negotiate and finalize details of a sales agreement, which is being reviewed by the Common Council on Tuesday. According to terms of the agreement, BURA will receive $1.07 million, while the city gets $407,000, based on their proportional ownership of the land. Closing is tentatively planned for the current fiscal year.
Upon final approval and closing of the deal, plans call for construction of a new tower with a five-story concrete parking ramp with 300 spaces, under four floors of apartments consisting of 148 studio through three-bedroom units. The $45 million project would also include an interior courtyard…
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