The renovation of older buildings in Syracuse and Upstate New York could face a more uncertain future without a popular economic development tool. Those hoping to save the federal Historic Rehabilitation Tax Credit form the chopping block in Congress gathered Tuesday in the Persian Terrace at the Hotel Syracuse to sound the alarm. The hotel’s lead developer Ed Riley has his credit already in hand, and says the project wouldn’t be possible without it.
The Hotel Syracuse is now in the hands of a developer who plans to reopen it. No one has rented a room there in more than a decade…but city leaders are optimistic that will change, after the Syracuse Industrial Development Agency took possession, then transferred it over.
It’s been a long time since anyone has danced in the Grand Ballroom or the Persian Terrace at Hotel Syracuse. A series of various ownership changes and financial problems have long plagued the hotel. Earlier this month though, the Syracuse Industrial Development Agency took the first steps to prepare to use eminent domain to get the hotel foreclosed and sold to a willing buyer. A businessman from Camillus wants to rehabilitate the hotel. If the Hotel Syracuse does re-open, Onondaga County could benefit by booking more conventions at the OnCenter.