Next to Krause’s Candy in downtown Saugerties sits a vacant lot. The lot, just beyond the end of what might be considered Saugerties’ downtown area, will soon see substantial improvements thanks to a private/public partnership launched by Saugerties businessman Tom Struzzieri.
The State will aid the $15 million venture with a $780,000 grant advocated for by State Senator John Bonacic and Assemblyman Peter D. Lopez. The grant comes through the State’s RESTORE-NY program established by the State Legislature in 2006.
Senator Bonacic said, "Private sector investment in downtown areas along with encouragement from the State, instead of the State standing in the way of entrepreneurs, is what our economy needs. This is a great private/public partnership and one I am pleased to support."
Struzzieri, who is also the President and CEO of HITS, Inc., along with partners, indicated that the 18,400 square foot project anticipates having a:
* 500 seat catering hall;
* 150 seat restaurant;
* 30 unit hotel;
* retail space;
* 16 residential units and a kayak marina.
"We believe in Saugerties and its future. We are also pleased that our representatives went to bat for this project. Grant funding for retail and tourism oriented projects is difficult to come by and we are very pleased to have the State believe in this project," said Tom Struzzieri.
Assemblyman Peter D. Lopez said, "This investment will be a tremendous shot in the arm for downtown Saugerties. It will help create jobs and continue to enhance the Main and Partition Street areas."
Tavern on the Green has expressed interest in operating the restaurant. The project will be built at the former Cantine Mill property located at the intersection of Partition Street and Dock Street in the Village of Saugerties. It is estimated that the project will produce $4.7 million in projected revenue and will generate $376,000 in sales tax revenue.
The project will be the lynch pin of the redevelopment of the lower Partition Street area and is expected to encourage improvements to street alignment, turning lanes and parking. It should also promote further investment in other properties in the central Saugerties business area.
Other RESTORE-NY grants in the Hudson Valley area include $500,000 to help with the Kirkland Hotel project in Kingston, $182,579 to help continue the restoration of downtown buildings in Port Jervis; $213,000 to renovate a fly fishing manufacturer and retail space along with artist loft space in the Town of Rockland (Sullivan County); $600,951 to create industrial property in the City of Poughkeepsie; and $2.5 million to develop NY International Plaza near Stewart Airport in the Town of New Windsor.
"These are smart investments in the Hudson Valley which will partner with the private sector and create jobs. I look forward to continuing to work with communities and business leaders to develop intelligent and realistic business initiatives," said Senator Bonacic.