OLEAN, NY – The City of Olean has been awarded a $416,000 New York State Community Development Block Grant (NYS CDBG) Economic Development Program Award for 2019.
The city plans to use the funds to assist HK Olean Hotel LLC in the development of the new 90-room Hampton Inn and Suites at 1404 Buffalo St. The hotel will be built on a 2.4-acre site once owned by ExxonMobil and more recently designated as part of the New York State Brownfield Cleanup Program. This project will be the first on the Northwest Quadrant Brownfield Opportunity Area and will include a four-story building comprised of a mix of standard rooms and suites, a breakfast room, a fitness center, an indoor pool and a meeting and event space that will accommodate up to 60 people.
“I am so pleased that the city received this funding from New York State. This site has been vacant and abandoned for as long as I can remember and hopefully the hotel will be first of many developments in this prime real estate area,” Mayor William J. Aiello said. “The property is adjacent to an exit on Route 86; much of Olean’s industrial base is nearby, and St. Bonaventure is a straight two miles away.”
He added, “I also want to welcome HK Olean Hotel, LLC to Olean and thank the company for making this investment in our community; the hotel will create many jobs and will help boost our tourism economy.”
The mayor also expressed appreciation for the staff in Olean’s Community Development Office, who applied for and will administer the grant.
"They worked very hard to secure this funding and have been the catalyst in the transformation of the Buffalo Street brownfield into an area for investment," the mayor said. "The process has taken many years and the staff has never given up hope that the brownfields had the potential for economic development.”