After facing pandemic-related financing challenges that caused a three-year delay, a Syracuse-based development firm is reviving its plan to renovate the iconic Hotel Niagara in Niagara Falls. Brine Wells Development, which has been working on the project for over seven years, aims to transform the century-old landmark into an upscale hotel while preserving its historic charm. However, the cost of the project has increased by 21%, now totaling $50.8 million.
The restoration efforts will focus on the hotel's exterior, including the repair or replacement of decorative terra cotta, cleaning and polishing of stonework, and restoration of the decorative windows. The interior areas, such as the lobby, restaurant, ballroom, mezzanine, and meeting rooms, will also be restored to their original colors. Additionally, the guest rooms and the basement barbershop will undergo renovation.
The Hotel Niagara, which opened its doors in 1925 after two years of construction, is listed on the National Register of Historic Places. The project is eligible for state and federal historic tax credits, ensuring that the renovation adheres to federal and state standards. Once completed, the hotel will feature 160 guest rooms, a main ballroom, a secondary ballroom, a full-service restaurant, a sidewalk-facing lounge, an exterior patio, a rooftop lounge, and spaces for private dining and meetings.
To support the restoration project, Brine Wells and its subsidiary, Hotel Niagara Development, are seeking $6.71 million in tax breaks from the Niagara County Industrial Development Agency. This includes $4.38 million in property tax relief over 15 years, $1.98 million in sales tax breaks for purchases over two years, and a mortgage-recording tax exemption of $348,000. The hotel, spanning 168,160 square feet, will comprise 147 standard rooms, 10 junior suites, a presidential suite, a partial penthouse, and a full basement.
The revival of the Hotel Niagara restoration project brings hope for the revitalization of this historic landmark in Niagara Falls. With its rich history and planned upscale amenities, the renovated hotel is expected to attract visitors and contribute to the economic growth of the area - if it happens.