Mayor Stephanie A. Miner announced today the Syracuse Industrial Development Agency took possession of the historic Hotel Syracuse and transferred title to the Syracuse Community Hotel Restoration Company 1, LLC.
“Today is a major day for the Hotel Syracuse and the redevelopment of Downtown,” said Syracuse Mayor Stephanie A. Miner. “There is much work left to be done to make this long-held dream of many into a reality, but this is a big step in a major transformation. I commend Ed Riley and his team for their effort.”
On June 11, SIDA filed a notice of petition in New York State Supreme Court to acquire the property using the Agency’s powers of eminent domain. The Agency received a stipulation from the hotel’s previous owner agreeing to release the property to SIDA. The condemnation order was signed by the Court on June 16, 2014 and filed today after SIDA and the Company secured insurance on the property.
Syracuse Community Hotel Restoration Company 1, LLC proposes to redevelop the Hotel Syracuse into a 261 room full service hotel. The project is expected to cost $57 million and create approximately 180 full time equivalent jobs. The company, led by developer Ed Riley, will now focus on finalizing its financing package for the project and expects to begin stabilization work immediately to prevent any further deterioration of the property.