The Syracuse Industrial Development Agency took a step toward turning over the Hotel Syracuse to a new developer. This morning the board of SIDA approved a preferred developer agreement with Syracuse Community Hotel Restoration Company Llc..
The developer, Ed Riley of Camillus, intends to transform the vacant Hotel Syracuse into Hyatt Hotel with retail space, 261 rooms, conference space and a restaurant. When completed, Riley expect to invest about $57 million into renovations and hire 186 people.
Last week, Riley's company wrote to SIDA asking that it acquire the Hotel Syracuse from GML Syracuse LLC, an Israeli-based company, possibly through eminent domain. GML has resisted efforts by the City of Syracuse to take possession of the Hotel Syracuse for back taxes, by paying off enough to keep the property from foreclosure.
If the city is successful this time, Riley would reportedly seek out investors to back the project and seek government financial assistance with the renovations along with various tax breaks.