Last week, Governor Andrew M. Cuomo announced that COR Development has broken ground on the planned Aloft Hotel in the Syracuse Inner Harbor. The Aloft Hotel, one of Starwood Hotels & Resorts’ nine hotel brands, is scheduled to open in the summer 2015. The Governor also announced that Starwood Hotels and COR Development have partnered to bring a second, adjacent hotel under Starwood’s Element brand, which will bring more than 120 additional rooms to the harbor’s waterfront. Collectively, the two hotels will create more than 500 construction jobs during development and offer ongoing hospitality employment opportunities once the hotels are under operation.

“The groundbreaking of the Aloft Hotel along Syracuse’s Inner Harbor, accompanied by plans for a second hotel nearby, is great news for Central New York and yet another sign that the Upstate economy is coming back,” Governor Cuomo said. “As part of the Inner Harbor redevelopment project, these hotels are playing a role in bringing more than 4,000 jobs to the region and creating a vibrant space where families can enjoy the waterfront and businesses can thrive. I am proud that the State was able to play a role in moving this project forward, and I look forward to seeing it continue to energize the regional economy for years to come.”

The two Starwood hotels are part of a larger $350 million mixed use waterfront redevelopment project that includes environmental remediation efforts and infrastructure improvements to enable private development along 28 acres of Syracuse’s Inner Harbor. The transformational Syracuse Inner Harbor redevelopment project is made possible in part by funding from the Governor’s Regional Economic Development Council (REDC) initiative and has laid the foundation for attracting privately financed developments like Aloft Hotel, which includes $16.7 million in financing from SEFCU.

Steve Aiello, President of COR Development said, “COR Development is grateful for the recognition by our State, City and County leaders in recognizing the potential of the Inner Harbor redevelopment project. We're proud to stand alongside them as we work towards the revitalization of Syracuse and the Upstate New York economy with a transformational project that will bring thousands of jobs and significant economic investment dollars to the region.”

Michael J Castellana, SEFCU President & CEO said, “I am pleased to have SEFCU play a role in the economic momentum that is building in Central New York and throughout the state. The Inner Harbor is a great example of the transformative potential of the public-private partnerships, a critical element in the Governor's economic development blueprint. SEFCU is fully committed to support, through creative financing, the redevelopment of upstate New York as we move further toward our economic potential like that shown here at the Inner Harbor.”

The Syracuse Inner Harbor project is expected to create and sustain up to 4,358 direct and indirect jobs in the coming years, while also contributing an annual economic output of $259 million for the region. The project includes the investigation, remediation, and removal of environmental contaminants as well as infrastructure improvements to enable mixed-use redevelopment that includes residential, office, retail, educational, hotel, and community facilities. In total, the planned reconstruction is approximately 1.2 million square feet.

The redevelopment of the Inner Harbor is a multi-phased effort that required COR Development to undertake substantial environmental remediation and infrastructure improvements in order to prepare the site for this mixed-use redevelopment project. To date, the Central New York REDC has allocated $4.5 million to support the remediation of environmentally contaminated land, infrastructure improvements, and renovation of the Canal Corporation freight house. Work at the Inner Harbor site thus far has resulted in the removal of more than 100,000 cubic yards of contaminated soil, and the demolition of six buildings.

The Inner Harbor Project meets the Central New York REDC’s goal of repurposing existing assets and infrastructure to attract new high-density development while also capitalizing on valuable waterfront property. COR Development was selected by a competitive bidding process to lead the project, and has provided capital improvements in addition to infrastructure development and environmental remediation efforts at the site.

Assemblyman Bill Magnarelli said, “Today’s groundbreaking is a direct result of Governor Cuomo’s attention to economic development in Central New York. The Syracuse Inner Harbor development complex and its many residual spin-offs will help to transform the adjacent neighborhoods in this area of the City’s northside. Today’s event continues the economic development momentum for our upstate economy.”

Onondaga County Executive Joanie Mahoney said, “Governor Cuomo has made the rebuilding of the upstate economy his top priority and today's announcement is further evidence of his success. Thank you to Governor Cuomo for your continued focus on upstate and for the hard work you and your team do everyday.”

“Syracuse is building a new neighborhood in our long-dormant Inner Harbor and we are excited to see the plans expand,” said Syracuse Mayor Stephanie A. Miner. “We are now seeing this important economic development project become a reality and I and the entire City of Syracuse are pleased. I want to thank Starwood Hotels, COR Development, Governor Cuomo, and our economic development team who together made this possible.”

“The redevelopment of Syracuse's Inner Harbor is a key priority for the Central New York Regional Economic Development Council,” said CNY REDC co-chairs Robert Simpson, president of CenterState CEO, and Syracuse University Chancellor Kent Syverud. “The construction of Starwood's Aloft Hotel is a critical step in the rebirth of this important waterfront asset, and will lead to a vibrant, mixed-use neighborhood while creating jobs and stimulating further economic growth.”