|
Empire State Development today announced that C & Y Albany Hotel LLC has been awarded $4 million in Upstate Regional Blueprint Funds for its historic DeWitt Clinton project. The announcement of $17.5 million in Round I of Upstate Regional Blueprint Funding was made today by Governor David A. Paterson. More than $4 million was awarded to the Capital Region.
“The Upstate Regional Blueprint Fund is another brick in our foundation as we strive towards sustainable growth of our Upstate New York communities,” said Empire State Development Chairman and CEO designate, Dennis M. Mullen. “This strategic investment directly responds to the unique challenges we face in the Upstate economy. Not only will the Blueprint Fund help the small businesses and developing communities that need it most, but it will have a resounding effect on all of New York by creating and retaining jobs, spurring economic development and building stronger urban cores that will position our economy for future generations.”
The DeWitt Clinton project will redevelop the historic DeWitt Clinton Hotel, located in downtown Albany. This largely vacant and deteriorated building is situated on the corner of State and Eagle Streets across from the New York State Capitol Building. C & Y Albany Hotel, LLC plans to redevelop the property into an Embassy Suites Hotel with conference and ballroom space, a first class restaurant and other amenities.
“Several years ago, we had a vision of restoring this great hotel to all of its former grandeur,” said Yakov Ausch of C & Y Albany Hotel LLC. “We couldn’t be happier that this vision will now be realized with the help of the Upstate Regional Blueprint Fund. We anticipate the hotel will create hundreds of jobs and bring an influx of visitors– allowing the DeWitt Clinton to once more shine on State Street.”
“This Upstate Regional Blueprint Fund award will be the boost developers need to bring new life to the historic DeWitt Clinton Hotel,” said ESD Regional Director Peter Wohl. “This 1920’s city landmark sitting adjacent to the State’s Capitol Building has the potential to be transformed into a vibrant, thriving establishment reminiscent of its days as one of the city’s premium hotels, all the while providing opportunities for growth and job creation downtown, a crucial component to our economic sustainability in the Capital Region and across the State.”
“As we continue to invest in downtown Albany, the State Street Corridor remains a crucial piece of the redevelopment puzzle,” said Albany Mayor Gerald Jennings. “The revitalization of the DeWitt Clinton, just steps away from our State Capitol, will be a catalyst for future job growth and spending, while paving the way for the historic hotel to recapture its place as the crown jewel in the heart of the city.”
“The redevelopment of the historic DeWitt Clinton building will be an economic boost for downtown Albany, providing opportunities for job growth and other investments,” said Albany County Executive Mike Breslin. “I commend Governor Paterson and Empire State Development Capital Region Director Peter Wohl for their commitment to bringing economic opportunities to our region.”
“Once a proud symbol of promise and prosperity, the Dewitt has fallen victim to neglect wrought by harsh economic realities,” said New York State Assembly Majority Leader Ronald Canestrari. “With today's announcement, Governor Paterson and Empire State Development Chairman and CEO, Dennis M. Mullen, have demonstrated their commitment to rebuilding the Upstate Economy, and for that, they deserve our gratitude. This project will put people back to work and help restore pride in the Capital Region.”
“I’m thrilled that the Upstate Regional Blueprint Fund will spur continued development in downtown Albany,” said New York State Senator Neil D. Breslin (46th District). “The new Embassy Suites Hotel will not only revitalize the historic DeWitt Clinton building, drawing visitors and events to the heart of downtown near the Capitol Building, but most importantly will create strong job opportunities for the people of the 46th District.”
The Fund invests in projects that advance local development and small businesses, including making improvements to industrial parks and providing loans for purchase of equipment, real estate or other needs. Eligible applicants include municipalities, businesses, academic institutions and non-profits. Awards range from $100,000 to $5 million. The program will give a preference to requests for loans, with principal repayments able to be recycled for future projects.
In addition to the DeWitt Clinton project, the Capital Region also boasts the Glen Falls-based Aeon Nexus Corporation, which received $145,000 for the funding of its 174 Glen Street Project. Aeon Nexus is a management consulting and solutions delivery company that is that is renovating a historic downtown property. When the project is completed, the building will house the company’s New York State offices and be home to 11 new employees. The project represents a continuation of the redevelopment of the downtown core of Glen Falls that has seen several prominent buildings renovated and brought back to modern business use.
To ensure that each project meets the specific needs of its region, all applications undergo a competitive review process by ESD’s Regional and Central Offices. Requests for business investment assistance are reviewed on a rolling basis, whereas requests for infrastructure and downtown redevelopment assistance follow a quarterly calendar.
This is the first of four rounds of funding to be awarded, applicants who were not awarded funding in this round may be considered for future rounds. More information about the Upstate Regional Blueprint Funds and application forms can be found at www.nylovesbiz.com. Applications for round II funding will be accepted until October 15, 2009.
|
