Progress

July 30, 2008

Venerable Hotel Sterling ready for development

Building owner CityVest hopes to partner with co-developer for construction, marketing.

By Bill O'Boyle boboyle@timesleader.com
Times Leader Staff Writer
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WILKES-BARRE – The Hotel Sterling, once the crown jewel of a vibrant downtown, is fully prepped and poised for a return to glory.

Now, all it needs is a developer.

Alex Rogers, executive director of CityVest, which owns the building, said he is optimistic construction will soon begin.

Rogers said he can’t provide a timetable for the start of the $100 million project but said numerous potential developers have toured the gutted building.

“Just because there isn’t any activity going on there, no heavy equipment or work crews, doesn’t mean the project isn’t progressing,” Rogers said. “We are hopeful that we will enter into a partnership agreement soon with a developer who has experience in urban downtown revitalization projects.”

Rogers said he is interviewing co-development firms that will partner with CityVest for the construction and marketing stages of the project. The environmental abatement and demolition phases have been completed, he said.

“We’ve added extra protection to the roof and on the architectural side, we’ve completed the conceptual floor plan layout and schematic design,” Rogers said. The historic hotel will be an integral part of the Riverfront Park development that is under way.

“The views are simply breathtaking and the developers have commented on the economic development going on in the city,” Rogers said.

Major obstacles to the estimated $100 million project have been met, including acquisition of the hotel, parking lot area and adjacent buildings. Back taxes have been satisfied, Rogers said.

The project costs have been boosted by federal, state, county and local funds.

Plans call for the restoration of the first floor to resemble the hotel in its original state. Retail spaces will be on the first floor, offices on the second and condominiums on the third through seventh floors.

The entrance will be from the proposed parking area along West Market Street. There will not be a River Street entrance. A multi-level parking lot will be built and the second-phase building would be built on top of that, Rogers said.

“To have a property that has so much potential and then add the $30 million Riverfront Project with the portals, walkways and amphitheater will be a wonderful gift to the community,” Rogers said. “And the threat of flooding has been taken away as well.”

Rogers said the city’s downtown has “blossomed,” and he realizes the importance of the Sterling to its continued revitalization.

“There has been a lot of hard work done getting the project to this point,” Rogers said. “We are hopeful we can continue making progress toward completion of this challenging project.”

Bill O’Boyle, a Times Leader staff writer, can be reached at 829-7218.

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