SARANAC LAKE — Roedel Companies is buying the unused Paul Smith’s College dormitory building in downtown Saranac Lake.
The hotel developer plans to include it with its Hotel Saranac renovation for additional hotel rooms.
“Our intent has always been to restore the Hotel Saranac to its once-held position as the centerpiece of downtown Saranac Lake,” Roedel partner Fred Roedel III said in a statement.
“The addition of this building further enhances the property’s presence and position in the region.”
The hotel company would not disclose the price pending for the sale.
And the Essex County Clerk’s Office had not registered it as of Tuesday.
But the property at 83 Church St. is listed on the 2012 assessment roll as owned jointly by the college and Franklin County Industrial Development Authority. It was valued that year at $600,000.
The modern-style brick building on Church Street has been largely vacant since the college stopped housing students there in 2009.
It provided rooms for some 50 culinary-arts and hotel-management students back when Paul Smith’s owned the Hotel Saranac.
EARLIER DEAL FAILED
A plan put in motion five years ago by the Adirondack Housing Development Authority sought to reuse the buildings as workforce housing.
But that deal failed when Village Board members voiced concern about the property’s continued tax-exempt status if it were to go forward.
In a news release, Roedel spokeswoman Briana Proctor said the pending transaction would put the building back on the tax rolls.
“As ownership of the building transfers from the college to Roedel Companies, the community will also benefit from the increased tax revenues generated from the previously tax-free property,” she said.
“ROK Builders (an affiliate of Roedel Co.) will oversee the renovations while continuing to restore the Hotel Saranac. This newly acquired space affords Roedel Companies the opportunity to both increase the hotel’s room count and provide an improved mix of guest rooms that are both historic and contemporary.”