Hotel and Lodging
Norwich, NY / Real Estate Development Opportunity
Real Estate Development Opportunity
Project Name: Hotel and Lodging
Location: N/A
Total Project Size: $5,000,000
Equity Amount Seeking: $2,500,000
Local Agency Partner: Commerce Chenango
Contact Email: stestani@chenangony.org
Contact Phone: 607-334-1400
Sponsor: N/A
Why Hotel and Lodging is a Great Opportunity.
Chenango County, NY lacks a large hotel to support the businesses, events and organization in the community. The City of Norwich, where this location is located, is in the heart of the county and a growing Main Street. This building is poised and ready for renovation. This building has three floors, an elevator, restaurant equipment and needs little structural changes to outfit a hotel with 40 - 50 rooms. A deal has already been discussed with the City of Norwich to reconfigure parking and to accommodate two "short term" parking spaces on South Broad Street for quick check-in and registration.
Other Site Attributes:
Vacant and ready to go
State / Local Incentives:
See above investment; DCC will own the building; as a 501 C-3 they pay no property tax.
Current Project Status: Acquiring site control
Current Land Control Status: Will acquire, obtain options, or otherwise control acreage within 6 months
About the Market:
Raymond, Chobani, NBT Bank, Kerry Company, Unison, UHS Chenango Memorial Hospital (just invested 20M into their campus through a capital improvement project), Museum District, 6.5M invested into the railroad for improvements, County owned general aviation airport.
About the Sponsor:
Developer has a partner with experience in hotel management, development, and marketing. Commerce Chenango is the parent organization of DCC, and operates as the Economic Development arm of the county and chamber of commerce. Through which tourism, marketing and advocacy are managed.
Economic / Social / Environmental Impact:
Norwich, NY is the location for many outdoor festivals, events, music festivals, outdoor recreation and is a tourism hub of Chenango County. The many businesses, manufacturers and industries that makeup the county (noted above) have expressed a need and desire for more professional and updated lodging options for their vendors, employees and executives that travel here. Norwich is also the home to the Northeast Classic Car Museum, which is the largest collection of antique cars in the Northeast. The lack of adequate hotel and lodging limits the number of visitors as well as the economic trickle of spending at our restaurants, retail locations and amenities.