Another iconic Syracuse hotel to close and become apartments

Syracuse, N.Y. — For the second time in less than a month, Syracuse is losing hotel rooms in favor of apartments.
The new owner of the Mayflower Hotel at 1030 E. Genesee St. has filed plans with the city to convert its 82 rooms into 52 one- and two-bedroom apartments.
The historic hotel opened in the 1920s as an apartment building but has operated as an extended-stay hotel for decades. It was purchased by Timberwolf Capital Partners, of Jackson, Wyoming, for $7.4 million in April.
Scholar Syracuse, its former owner, continues to operate the Collegian Hotel, the former Genesee Grande, next to the Mayflower.
Timberwolf said the apartments will have 82 on-site parking spaces. No major changes are planned to the building’s exterior. A covered walkway between the Mayflower and the Collegian Hotel will remain.
The Syracuse Planning Commission voted 4-0 Monday night to approve Timberwolf’s plan.
The documents filed with the city didn’t specify when the hotel is closing.
The company has not disclosed rents. Under a new city zoning law, it will be required to make six of the 52 apartments affordable for tenants whose incomes fall within 80% of the median income of the Syracuse Metropolitan Statistical Area.
Just a few blocks from the Mayflower, the Crowne Plaza at 701 E. Genesee St. closed Oct. 2 in advance of a buyer, Buxton Development Group, of Charleston, South Carolina, converting it into 287 apartments.
In addition, Syracuse University is converting the Sheraton Syracuse University Hotel & Conference Center into a 400-bed dormitory.
Timberwolf specializes in developing multifamily, mixed use and student housing. The company recently built a 282-unit, $98 million apartment building, The Coda on Crouse, across the street from the Mayflower. Its rents range from $1,595 to $2,395 a tenant.
John Hoover III, manager of Timberwolf Capital, told syracuse.com | The Post-Standard in April that the company was considering converting the Mayflower into apartments but would operate it as a hotel for a year.
The Mayflower is just a few blocks from the Syracuse University campus. The apartment market in the university area has been hot in recent years and commands big rents. Developers have been working overtime to transform existing buildings and construct new apartment buildings for college students and young professionals.
At the same time, however, county tourism officials have lamented the loss of hotel rooms in the area.
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