The end is in sight for the Yorktowne Hotel renovation
The long overdue Yorktowne Hotel renovation appears to be in the home stretch.
The York City landmark at 48 E. Market St. is expected to reopen in summer 2022, three years after the original completion date.
The renovation will now cost an estimated $54 million, officials have said — an increase of 170% over what the project's backers initially said it would cost.
The York County Industrial Development Authority, which owns the hotel, on Tuesday voted 10-0 to increase the line of credit for the project from Members 1st Credit Union from $12 million to $14 million.
Nancy Barry, a board member and York County Economic Alliance vice president of operations, told the authority that increasing the line of credit would match the state's Redevelopment Assistance Capital Program contribution to the project. That line of credit is a requirement from the state to receive RACP money.
"RACP pretty much requires you to have an interim line of credit that's equal to the grant," she said.
The line of credit will allow the authority to borrow against it until RACP grant funds are reimbursed, YCEA director of strategic development Kim Hogeman said Tuesday.
RACP is a reimbursement grant program that requires projects to be completed before receiving grant money.
The authority purchased the hotel in 2015 and announced the renovations in 2016. Initially, backers said the price tag would be $20 million, which included a $10 million RACP grant. In 2018, that number doubled to $40 million. With the final round of bids announced last fall, the project is expected to reach $54 million, an increase of more than 170% from the original estimate.
Since the project began, the YCIDA secured another $5 million in public funds, for a total of $15 million in public contributions.
Hogeman said the increased line of credit will not increase the price of the project.
No comments or questions were asked by the board before members voted in favor.
Gene Dragonosky, the board's first vice chair, provided updates on the work done thus far. Activity on the project includes interior framing on the mezzanine and second floor, masonry work on the south wall and layout of mechanical, electrical and plumbing lines. Roof work is happening depending on the weather.
Katie Mahoney, YCEA vice president of marketing and communications, said people have begun asking about holding events such as weddings and proms at the Yorktowne. Tours of the hotel have been organized for downtown merchants and the YCEA ambassador group.
"Everybody that walks in and out of their stores asks, 'What's going on with the hotel?', 'When is it going to reopen?', so now they're well-versed, they know and they're excited," she said.
The Yorktowne Hotel is set to be part of the Tapestry Collection by Hilton, a franchise of boutique hotels. The planning and design of the hotel has been done in conjunction with Hilton representatives.
Before the coronavirus pandemic, the Yorktowne was tentatively slated to reopen in spring 2021, after being delayed several times from the original target of fall 2019.
Kinsley Construction is the general contractor for the project.
Philadelphia-based GF Hotels will operate the Yorktowne when it opens for business.