The mixed use complex will be built on a surface parking lot at 300 West Fayette St. at the corner of South Franklin Street.

Mayor Matthew J. Driscoll said, “I compliment and congratulate Richard Sykes (Senior and Junior) for their continued commitment and investment in our City. The powerful combination of this new and exciting Marriott hotel complex and retail center at 300 West Fayette Street coupled with the recently announced O’Brien and Gere office building and the current construction project of the Jefferson Clinton Commons, which is commercial and residential, expands and enhances the cosmopolitan atmosphere of Armory Square. These projects will significantly add to the short term and long term jobs downtown.”

Upon completion, the hotels will accommodate over 90,000 guests annually, according to RHS Holdings. The hotel guests are estimated to spend in excess of $500 a day. Based on survey results supplied by the Greater Syracuse Chamber of Commerce, the development would create an additional $17 million of annual spending in downtown.

The project will include 165 onsite parking spaces below and above ground. The parking spaces will support hotel guests and the general public. Valet parking also will allow for increased parking for special events, according to RHS Holdings.

Councilor Kathleen Joy said, “This is a welcome project for Syracuse. The new hotels and retail space builds our community by creating jobs, bringing new visitors to the City, and by using green technologies. This development creates a real opportunity for economic growth. Once again, we see the positive impacts that come from partnerships between the public and private sectors."

The $31 million project will be supported by private financing and state and city economic development loans. The Empire State Development Corporation has committed a $2 million loan to the project. The city is assisting the project with several incentives. Mayor Matthew J. Driscoll will ask the Syracuse Industrial Development Agency (SIDA) and Common Council to approve a payment-in-lieu-of-taxes agreement, a $500,000 grant to support the construction of the underground parking, and waivers for sales tax on construction materials and the mortgage tax. This building is also in the Empowerment and Empire Zone allowing the hotel operator to benefit from various tax credit programs that encourage the employment of area residents.

Other positive impacts from the project include:

200 construction jobs.

More than 100 full and part-time permanent jobs.

Over 90,000 visitors to Syracuse annually, spending more than $17 million.

$2.1 million in annual sales tax revenue.

More than $400,000 in hotel tax revenue each year.

The new building will be designed by Schopfer Architects, LLP which has done work on several Armory Square redevelopments. Schopfer has completed projects for The Museum of Science and Technology (The MoST), Center Armory, and 202 Walton Street Established in Syracuse in 1948, Schopfer Architects is recognized throughout the northeast in the hospitality and entertainment industry.

Partnering with RHS Holdings on the Inns at Armory Square is Gordon Companies LLC. Headquartered in Albany, NY, Gordon Companies has developed and owns hotels, condominiums, apartment complexes and retail projects throughout the northeast.

RHS Holdings anticipates a groundbreaking in the fall of 2008 with an 18-month completion date.