The Statler Towers has renewed hope for revival, with local businessmen Mark D. Croce and James J. Eagan making a bid to buy the mothballed property.

The total value of their offer is about $700,000, including their $200,000 bid plus the outstanding taxes on the property the partnership would assume.

For now, Croce and Eagan are not commenting on their plans for the Statler. Their attorneys say the partners want to finish acquiring the property, a process that will play out in Bankruptcy Court.

The court-appointed trustee in the bankruptcy case, Morris Horwitz, on Aug. 9 will ask a judge to set a date for a sale hearing for the Statler.

"The trustee's happy that someone has come along that is willing to put money down and take the situation on," said Garry Graber, who represents Horwitz in the bankruptcy case.

The Statler's status has been in limbo ever since a group that was the higher bidder at an auction held nearly one year ago failed to complete the $1.3 million purchase in the ensuing months. The property was mothballed early this year in the face of dwindling funds to operate it.

So far, the offer from Croce and Eagan is the only bid the trustee has received. Another party could still step forward and submit a "higher and better" offer before the sale process is completed.

Croce and Eagan have made a $100,000 refundable deposit. If their partnership emerges as the buyer, they would have a 60-day "due diligence" period during which they could terminate the agreement. That 60-day period would begin 15 days after the court issues a sale order.

Horwitz will ask U.S. Bankruptcy Court Judge Carl L. Bucki to shorten the time required for notice of the Statler sale to 15 days from 21 days -- a time frame that would allow other parties time to bid, while limiting the Statler's continued operating expenses and property depreciation. The goal is to have the process completed before harsh winter weather sets in, taking into account the 60-day due diligence period that would follow a sale.

Croce is well known for his downtown property holdings, including restaurants such as the Buffalo Chophouse and Laughlin's, as well as parking lots. He is working on converting the Curtiss Building at Franklin and West Huron streets into a boutique hotel.

Eagan is a partner and executive vice president of Midwood Financial Services. The firm provides and distributes financial products and services to more than 300 banks, regional brokerage firms and independent brokerage dealers. Its Web site says Eagan has "contributed substantially to the growth of the company owing to his reputation and extensive network of contacts in the industry."

Both Croce and Eagan also serve as Niagara Frontier Transportation Authority commissioners. Attorneys for Eagan and Croce say the partners are concentrating on completing the purchase of the property before discussing publicly their plans.

"We're taking this one step at a time," said Robert Fine, an attorney for Eagan. "The offer is before the court. We hope it will be favorably received."

Robert Knoer, an attorney for Croce, said the potential purchase fits with Croce's other downtown interests.

"Mark owns significant property in and around the Statler," Knoer said. "This is a building that is very important to the neighborhood and the community."

Brendan Mehaffy, executive director of the city's Office of Strategic Planning, said he was "cautiously optimistic" about the bid.

Mehaffy said while he did not have specifics of the partners' plans, he was encouraged by Croce's track record of investing in downtown properties and his commitment to trying to acquire the Statler.

"It's a big project for him," Mehaffy said. "It's going to be a big project for anybody."

James Sandoro, who owns downtown parking lots and runs the Buffalo Transportation/Pierce-Arrow Museum, is friends with both Croce and Eagan but is not familiar with details of their plans for the Statler.

"It's commendable that a local entity is trying to do something with it," Sandoro said.

The 18-story Statler is considered a daunting redevelopment, in light of its massive size, its age and its lack of dedicated parking.

Buffalo has sought federal aid to help build a 900-space parking ramp near the Statler, at a site owned by Croce near Niagara Square. The facility would consist of 11 stories of parking and four floors of office space. Croce bought the West Mohawk Street site, which is a surface parking lot, from Bashar Issa, whose company owned the Statler but was forced into bankruptcy in April 2009.

The Statler dates to the 1920s and has a prominent place in Buffalo's history, not to mention a high visibility location near City Hall. But it is a property empty of tenants, its first floor covered by whitewashed plywood and fencing encircling the lower level.

New Buffalo Statler Redevelopment, which put in the $1.3 million bid in last year's auction, envisioned a $100 million overhaul of the Statler. But the group did not come up with funds to complete the deal.

Now it could be up to a new ownership team to determine the Statler's future.

Sandoro describes Croce as someone who "really cares about Buffalo," noting his service on the NFTA board.

"It's not all about dollars and cents with Mark," he said.

mglynn@buffnews.comnull