NORWICH, N.Y. — Development Chenango Corporation (DCC) has signed an agreement to buy the building at 14-16 S. Broad St. in Norwich for a future hotel project.
It’s a property located across the street from Commerce Chenango in Norwich.
Kerri Green, president & CEO of Commerce Chenango, announced the project at the event titled “A Celebration of Commerce Chenango” held June 17. DCC made a “major investment” to buy the property but will need additional financing for the hotel project, per a news release about the purchase.
The nonprofit DCC is a local development corporation that’s under the umbrella of Commerce Chenango but functions as its own organization. Besides leading Commerce Chenango, Green is also executive director of DCC, which operates as the economic-development arm of Chenango County.
DCC has yet to close on its purchase of the structure, Green told CNYBJ in an email message. The organization purchased the property from a private owner.
Needing additional help
At the same time, Commerce Chenango also noted in its news release that this hotel project will not be possible without additional investment and support from the businesses and foundations in Chenango County.
With DCC’s initial investment the hope is “others will follow our lead” and contribute toward the overall cost of developing this hotel. The organization plans to announce a capital campaign soon. The funds raised through campaign efforts will be for improvements to the space and to make it “more attractive to a potential developer.”
The DCC “feels strongly” that this project is a much-needed asset and that a hotel will “benefit all, and help to grow, spark and develop additional” economic-development projects in Chenango County.
The site for the future “Hotel Norwich” will allow for a 45-unit boutique hotel in downtown Norwich with a large meeting space and restaurant. Chenango County currently has very few hotels and no major hotel that can “accommodate the need” of the tourism industry, businesses, and travelers.
“From my very first month on the job, nearly two years ago, the critical need for a hotel was expressed to me by our businesses, community members, and those who work in the tourism and event industry,” Green said. “I am so pleased that the DCC board understood how this major investment would affect our downtown, and the ripple effect this anchor project will have on all of Chenango County. I would also like to thank George Seneck, chairman of the Chenango County Board of Supervisors; Shawn Sastri, City of Norwich Mayor; City of Norwich representatives Bob Jeffrey, Matt Caldwell, Robert Jeffrey Jr., and Pat McNeil and the Parker-Walsh team of Keller Williams for their support and assistance with this project. It’s an exciting time here in Chenango County!”