OFFICE OF THE MAYOR
Hon. Stephanie A. Miner, Mayor
FOR IMMEDIATE RELEASE
DATE: July 3, 2014
CONTACT: Alexander Marion
Press Secretary (315) 448-8044
MINER ANNOUNCES SYRACUSE INDUSTRIAL
DEVELOPMENT AGENCY TAKES POSSESSION
OF HOTEL SYRACUSE
Miner: Today is a Major Day for the Hotel Syracuse, Downtown
SYRACUSE, N.Y. – Mayor Stephanie A. Miner announced today the Syracuse Industrial
Development Agency (SIDA) 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 longheld 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.
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233 EAST WASHINGTON STREET * SYRACUSE, NEW YORK 13202
315-448-8005 | www.syrgov.net
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