Friday, January 12, 2018

 

 

 

Ulster County IDA grants incentive approvals for multi-location Kingston hotel

KINGSTON – An $8.7 million boutique hotel and restaurant in Uptown Kingston received the financial green light to move forward as the Ulster County Industrial Development Agency has granted approval for financial benefits.

The hotel will be in four redeveloped buildings in the City of Kingston, noted IDA Executive Director Suzanne Holt.

“The main building is going to be on Wall Street; it is a former bank building,” Holt said. “It is going to have the reception area as well as a restaurant and some hotel rooms and then there are three other buildings that each are going to have more hotel rooms and it is going to provide much needed space in Kingston for people to spend the night and enjoy Kingston.”

The project, when completed, is expected to create 20 full-time jobs in its first year of operation in 2020 and 40 full-time jobs by 2022.

The hotel is expected to host an estimated 25,000 people annually.

The IDA incentives include payments-in-lieu-of-taxes, and exemption on construction materials and mortgage filing fees.


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