Peekskill Hotel Owner Secures Financing for Project
Construction of a Holiday Inn Express in Peekskill could be completed by next spring now that owner George Liaskos, a Garrison resident, has apparently secured funding for the $8.5 million project.
Director of Economic Development James Slaughter told the Common Council last week several modifications would have to be made to the pilot agreement and special permit granted by the city to Liaskos based on requirements specified by two banks that are lending a total of $6.4 million for the long awaited hotel.
Peekskill is also lending Liaskos $500,000 and allowing him five years of no property taxes under an amended 15-year pilot agreement that the council is expected to approve this week.
“It’s exciting to move this forward,” said Mayor Mary Foster. “I know a lot of people have worked so hard to get it to this point.”
Liaskos, longtime owner of the Cortlandt Colonial Restaurant, spent more than $2 million to dismantle a mountain next to the restaurant to make room for the hotel, which he felt would compliment that business since it hosts many wedding receptions.
However, a disagreement with Cortlandt officials over property taxes for the hotel, which Liaskos called “too risky,” forced him to change his plans and reach out to neighboring Peekskill. Liaskos is currently fighting with Cortlandt to release $40,000 he posted in conjunction with the six-year mountain demolition.
Having selected a site near Charles Point, Liaskos is planning to build a hotel with 76 rooms, an indoor swimming pool, conference center and 82 parking spaces. A nine-month construction schedule is anticipated.
“I’m trying to keep things moving forward,” said Acting City Manager Brian Havranek. “There’s a lot of moving parts here.”
Besides action from the council, the hotel also needs approvals from the city’s Planning Commission and Industrial Development Agency before it can proceed.
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