Banta Hospitality LLC plans a 4-story, 93-room Holiday Inn Express hotel at 935 Union Avenue in New Windsor to replace the paint spattered, unused eyesore relic of the old Steak & Stein restaurant.
In place of Steak and Stein will be the 13,797- square foot hotel on 2.81 acres.
Developer George Banta is seeking to invest $14.35 million in capital costs for the Holiday Inn Express with assistance from the Orange County Industrial Development Agency.
The Holiday inn will be a limited service hotel without dining facilities.
Steak and Stein was open from 1967 and closed in 2010.
Funding for the project is put at $13.7 million, including a $3.2 million property purchase price.
Banta has applied for a 10-year enhanced Payment In Lieu of Taxes (PILOT) agreement. Plus Banta is seeking $24,000 in sales tax exemptions on construction and furnishing the hotel.
The hotel would employ 24 workers.
Customers for the Holiday Inn Express hotel are expected to include Stewart International Airport travelers because the airport entrance is within 30 minutes of the hotel.
Backing Banta’s project, New Windsor supervisor George Green said in a Nov. 30, 2018 letter to the Orange County IDA, “In addition to returning a vacant, unused property to productive commercial use this development is projected to generate more than $40,000 each year in sales taxes.”
Ninety-three parking spaces will be required for the inn which lies in the town’s Highway Commercial Zone.
The building is to be furnished with an Exterior Insulated Finish System and stone cladding on all four elevations. Construction should last approximately 10 months.