Real Estate

Hotel_Saranac2.jpg
The Hotel Saranac in Saranac Lake. (Staff Photo/Kim Smith Dedam)

Hotel Saranac sold

New owners await funds for renovations

By: KIM SMITH DEDAM

SARANAC LAKE — The historic Hotel Saranac has formally changed hands.

And now new owner Roedel Partners of Saranac Lake LLC awaits word, due today, on $5 million in state economic-development capital toward the $12.5 million project.

Franklin County Clerk Kip Cassavaw said the deed for the hotel was recorded at the Clerk’s Office in Malone at 3 p.m. Monday.

The transaction closed on Friday for $1,475,995, transferring ownership from Sardeshwari Enterprises Inc., based in Hauppauge, to Roedel.

“They did a termination and assignment of mortgages,” Cassavaw said. “There was a mortgage Sardeshwari Enterprises had with NBT bank, and they assigned that mortgage to Roedel.”

Sardeshwari owned the hotel for seven years, after purchasing it from Paul Smith’s College. The college ran it as part of its Hotel Management and Culinary Arts programs for more than 40 years.

‘FINGERS CROSSED’

The plan to renovate the Hotel Saranac is among 16 top projects deemed critical to economic growth in this region by the North Country Regional Economic Development Council; Gov. Andrew Cuomo will announce the funding awards for statewide councils at 10:30 a.m. from Albany.

Saranac Lake Mayor Clyde Rabideau said he would be in the audience for the much-anticipated session.

He expressed confidence in the hotel’s sale to Roedel and its eventual restoration.

“Fingers are crossed; we’re very hopeful,” he said. “And we’re looking forward to the rebirth of the Hotel Saranac in downtown Saranac Lake.”

A plan from Malone based hotelier Chris LaBarge to build a new hotel on Lake Flower is also on the top-16 list for economic-development resources, along with North Country Community College’s plan to renovate and utilize several key buildings in downtown Malone.

A number of projects in Essex and Franklin counties are among those awaiting word on funding awards, including Phase 2 development of the Wild Walk at the Wild Center in Tupper Lake; the Inn at Schroon Lake; and improvements to the Seagle Music Colony campus in Schroon Lake.

Three projects in Plattsburgh are also on the Regional Council’s priority list, including a training program for Bombardier; terminal expansion at Plattsburgh International Airport; and funding for SterRx, an expansion of Malone pharmaceutical company Asept Pak that expects to add 80 jobs in Plattsburgh.

TOP-PERFORMER HOPES

Already, Cuomo has announced $12 million for repairs and restoration of the Whiteface Mountain Veterans Memorial Highway, the toll house and castle on the summit, along with $35 million for a five-year biotechnology collaboration between Trudeau Institute in Saranac Lake and Clarkson University.

Funding available this year — the third round of competitive Regional Economic development planning — includes $150 million in state resources.

Five of New York’s 10 Regional Council areas will be named Top Performers today and receive $25 million each.

The remaining five will split the $25 million balance.

An additional $70 million in tax credits is available through Economic Development Council application process, along with $540 million from various state agencies.

The Regional Economic Development Council program was started by Cuomo three years ago, giving local leaders a chance to work together, organize and set economic priorities for their part of the state.

Email Kim Smith Dedam:kdedam@pressrepublican.com

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