Construction of the Staybridge Suites complex with 123 rooms plus a banquet hall, though, isn't expected to begin in the spring and might be done in phases rather than all at once, said Albert L. Salvatico, president of Jaral Properties on Long Island.
"We're moving forward in our planning," he
said, strongly emphasizing the word "planning.
"We want to keep things going with the Putnam County agencies, and that is where we are at this point."
said construction might begin with the hotel rooms first, followed by the restaurant and catering facility later on.
didn't have a start date in mind and had not closed on the construction financing.
"We're dealing with a tough economy, and things are going slower than we had wanted," he
The closing with the IDA was postponed twice, most recently on Friday.
In October, Salvatico
said that he
couldn't guarantee the hotel would happen and wrote to the IDA that the project was on hold.
In June, he
had said high oil costs and other economic factors would stall - and possibly change or eliminate - some of the more expensive aspects of the construction, such as a stone facade and grand entrance portico.
now says he
wants to keep IDA incentives on the table, and Jaral
is completing some construction work on the 12-acre site off Route 6 near the Carmel-Southeast border.
Jaral's crews have extended water an sewer lines into the parcel, since areas were already excavated for a rough roadway and basic connections.
has said that so far he
has invested at least $3 million in what would be Putnam's first hotel - $2 million to purchase the land and $1 million for engineering and planning costs.
anticipates it would take about $23 million to construct the suite-style hotel and he
has been discussing a loan with Mahopac National Bank