Yorktowne Hotel receives $1 million grant from state
Gov. Tom Wolf's administration on Wednesday coughed up another $1 million in grant funding for the Yorktowne Hotel project in York City, marking the second six-figure state grant in the last two months.
The York County Industrial Development Authority was one of seven entities to receive an Industrial Sites Reuse Program grant on Wednesday, Oct. 23, according to a news release and local officials. The grant, which requires a 25% match, brings the total public contribution to the project up to $15 million.
"This is something we've applied for in the past," Kevin Schreiber, president of the York County Economic Alliance, said. "Obviously we're excited and gracious for the support. Hopefully, this keeps the momentum going."
ISRP grants are designed to aid the cleanup of environmental contamination at industrial sites, according to the release. The grant for the project will specifically fund removing asbestos-contaminated and other hazardous materials as well as the removal of debris.
YCIDA officials have said the amount of asbestos found within the nearly 100 year-old building was unknown until after the project began.
State funding has been key for the project that has blown past the initial cost predictions. Last month, the growing price tag was aided by a $2 million Redevelopment Assistance Capital Program grant.
The project was predicted to cost $20 million when the YCIDA pitched its first RACP grant application in 2015. But as the project continued, the renovation's estimated costs doubled to $40 million.
Schreiber asserts the project is worth the public investment because the hotel is a form of economic development and is sure to create jobs and generate revenue downtown.
"I think you have to look at it as an investment," Schreiber said. "Obviously, this project has an incredible return on investment. Historic preservation has a cost, and injecting this type of economic activity certainly has a positive benefit that is beyond just construction costs."
The hotel's opening date has been repeatedly pushed back as costs continued to climb. It is now expected to be finished in late 2020, according to an August report by GFManagement, a Philadelphia-based consulting firm.
The Yorktowne Hotel is expected to debut as a part of the Tapestry Collection by Hilton.
— Logan Hullinger can be reached at email@example.com or via Twitter at @LoganHullYD.