The Village of Newark is on the lookout for a new developer for its canalside hotel project after Chrisanntha Inc. withdrew due to financing challenges.
The proposed Newark Canal Front Hotel, initially planned to be a 60,000-square-foot, 98-room facility with a 7,000-square-foot banquet and conference center, has hit a roadblock, according to the Finger Lakes Times.
The project, one of five to receive funding under the village’s $10 million Downtown Revitalization Initiative in 2021, was awarded $2 million in DRI funds towards the estimated $18.3 million cost.
However, Chris Iversen, president of Gorham-based Chrisanntha Inc., confirmed the company’s withdrawal from the project, citing a shortfall in funding despite an additional $1 million grant from the state’s Regional Economic Development Council Initiative.
Another hotel project by Indus Hospitality on East Union Street is reportedly still moving forward. Meanwhile, the former Newark Garden Hotel on North Main Street, facing the canal, was set for a $10 million renovation by EJC Hotels. However, EJC Hotels founder/CEO Ernie Catanzaro has stepped away from the project due to other commitments, leaving its future uncertain.
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