Niagara Falls, N.Y. (WBEN) - After sitting vacant for more than two decades, the Hotel Niagara is poised to make a comeback.
A series of transactions will help the stage for Syracuse developer Ed Riley to begin his $44 million renovation of the Niagara Falls landmark.
One of the first steps will see the Niagara County Industrial Development Agency directors, on Jan. 14, approve a 15-year, payment-in-lieu-of-taxes package that Riley said is critical for the project to advance.
And lawyers representing Empire State Development and its USA Niagara Development Corp. affiliate along with Riley's legal team are working on the final documents needed to officially shift ownership of the century-old, 12-story hotel from ESD to Riley.
"We don't expect any hold ups," said Anthony Vilardo, USA Niagara Development Corp. president.
Once one of the most opulent hotels in the region, the Hotel Niagara for decades suffered through a succession of owners and failed development promises.
Riley was named designated developer by USA Niagara in late 2019 after he successfully renovated and re-opened the Hotel Syracuse.
The COVID-19 pandemic delayed development plans as hospitality industry lenders were skittish about cutting any hotel-related deals.
As the hospitality industry rebounded, financial institutions began taking second looks at hotel-anchored projects.
"This one of the three most visible buildings on Niagara Falls' skyline," Vilardo said.
Plans call for the hotel to be anchored by 160 rooms and suites plus at least two ballrooms and several restaurants including a rooftop lounge offering a post card-like, panoramic view of Niagara Falls.
There are signs that Riley is serious about advancing the Hotel Niagara project.
Riley has signed a deal with Hyatt to have the hotel booked under its Unbound Collections network.
Vilardo said Riley has crews working in the building already including focusing on asbestos removal along with plumbers addressing a number of issues.
"They are in there and spending money," Vilardo said. "To me, that's a very good sign."
If work starts this spring, the hotel may be customer ready by late 2027 or early 2028.
"It is going to take a lot of private capital to bring the hotel back to its glory days," said Andrea Klyczek, NCIDA executive director.
Opened in 1925, the hotel welcomed a veritable "who's who" of guests including Marilyn Monroe and her husband, at the time, Joe DiMaggio while she was filming "Niagara" in 1952.
Other guests included Al Capone, President John F. Kennedy, Sammy Davis Jr. and Frank Sinatra.
From a tourism and hospitality perspective, the hotel will add another 160 rooms to the city's portfolio - something that Destination Niagara USA can use as a marketing tool.
"Bringing the Hotel Niagara back will be one of the great headlines for Niagara Falls," Klyczek said.