Albany IDA Project Index
Project Number: 01011106
Project Address: 89 State Street
Applicant Name: Albany Hotel, Inc.
Owner(s): LSREF Peach Investment, LLC
Developer: United Capital Corp
The project consists of the acquisition of the underlying fee title from UDC/Empire State Development for $1,000,000 for the Crowne Plaza Hotel property and the investment of more than $10,000,000 to upgrade the facilities in order to maintain a major brand name franchise, as well as the refinance of $12,500,000 in existing debt. The Crowne Plaza Hotel is a 384 room full-service hotel with two restaurants and 24,000 SF of meeting space.
Approval Date: 8/18/2011
Estimated Net Benefit to Local Taxing Jurisdictions (PILOT):
Estimated Employment Impact: 45 construction jobs and 20 full-time equivalent jobs created, 249 full-time equivalent retained
- Final Project Summary - Albany Hotel, Inc.
- PILOT Agreement - Albany Hotel, Inc.
- Approving Resolutions - Albany Hotel, Inc.
- Application - Albany Hotel, Inc.
- PARIS Report - Albany Hotel, Inc.
- IDA Board Materials 5.19.11
- IDA Board Materials 7.21.11
- IDA Finance Committee Materials 8.11.11
- IDA Board Materials 8.18.11
- IDA Board Minutes 5.19.11
- IDA Board Minutes 7.21.11
- IDA Finance Committee Minutes 8.11.11
- IDA Board Minutes 8.18.11