Business in the Burbs

State deals sets Cappelli’s Concord renovation in motion

June

The New York state Legislature has approved a revenue-sharing bill from Gov. David Patterson that will allow Valhalla developer Louis R. Cappelli to start work on a $1 billion resort renovation at the Concord Hotel in Sullivan County, officials said. Demolition is expected to start next month, and the project is due to open in 24 months. The new revenue sharing structure depends on benchmarks, including the creation of 2,000 permanent jobs, and more revenue for state education from the Concordâ€™s new video gaming operation. The project calls for a 750-room hotel, a major convention center, a 5/8th mile harness race track, 3,000 video gaming machines, access to two championship golf courses, and 100,000 square feet of specialty retail, among other details.

This entry was posted on Wednesday, June 25th, 2008 at 4:39 pm by Jerry Gleeson.
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