HSBC: Land deal by Thurs or "we're out"

BUFFALO, N.Y. (WIVB) - HSBC bank has set a deadline of Thursday for a land transfer on the Webster block, in Buffalo.

According to Buffalo Common Council Majority Leader Rich Fontana, the executive vice president of HSBC North America told him Tuesday morning that if a deal is not struck by Thursday, "we're out."

The land in question needs common council approval, so it can be transferred from the city to the Erie Canal Harbor Development Corporation.

Buffalo Niagara Partnership President and CEO Andrew Rudnick  would not comment to Senior Correspondent Rich Newberg on a Thursday deadline.

He told Newberg, the transfer "needs to be done, we need to do everything we can to show any perspective investor and tenant in the canal side project that we are welcoming them, and doing everything we can to facilitate a positive decision."

Rudnick went on to say, "Major investment opportunities in the country and our community are few and far between, given economic conditions."

In a phone conversation with Neil Brazil Newberg was told "we are looking at a range of options and we'll be making an announcement in due course."

Fontana says the internal process of decision making at HSBC will happen this week.

Newberg has learned of several other sites in the greater-Buffalo area that have been under consideration by HSBC.

One of those sites is the old Freezer Queen location, on the southern end of Buffalo's outer harbor.

Plans for a $400 million project have included HSBC as the anchor tenant.

Two sites in Amherst have also been under consideration according to sources. One at the Crosspoint complex, the other at Muir Woods.

Common Council members are debating whether to just sell the Webster block to Erie Canal Harbor Development Corporation based on reported deadlines that HSBC has set. The bank is said to prefer that site as part of their relocation from HSBC tower.