By Amanda Caffey SYRACUSE, N.Y. (NCC News) — This morning Mayor Stephanie Miner announced that the vacant Symphony Tower will be transformed into an extended-stay Hyatt House hotel and the city will forgive half a million dollars in tax backs.
“This is a remarkable agreement because it continues the historic investments our community has made into Downtown,” Miner said.
The Symphony Tower, across the street from the Marriott Hotel (formally Hotel Syracuse) in Downtown, will have 120 guest rooms, meeting spaces and staff facilities.
Developers will pay $1.1 million in back taxes over the next 15 years and receive $552,000 in tax breaks. In exchange for the tax break, developers will accept hiring goals of 20 percent women and minority groups and 20 percent local residents. The project “creates opportunity for the hardworking men and women of Syracuse who seek greater economic opportunity,” Miner said.
The proposal comes only five months after the reopening of Hotel Syracuse and is a major part of Miner’s plan to revitalize Downtown Syracuse and include community benefit agreements.
“I think this is very courageous and very intelligent on the part of Mr. Riley (Developer) and most of all the mayor’s administration for seeing how to take this to the next step and make our downtown great,” said Common Councilor Khalid Bey, Chair of the Committee on Economic Development.
The Common Council will vote on Monday to approve the tax agreement.
The project is expected to cost between $24 million and $26 million. Construction will begin in January and the hotel will open next Fall.