This application is for the first phase of the Quackenbush Square Development; the 132 room Hotel. Pioneer principals purchased the Brownfield site (a 1.67acre parcel in total) 2015, remediated the soil during 2017 and received a Certificate of Completion in December 2017. The proposed project is located on a .39 acre parcel of vacant land bounded by Broadway to the west, Spencer Street to the north, Montgomery Street to the east and the historic Quackenbush Square buildings to the south. The project ownership will be structured as a commercial condominium. The hotel is a limited service, eight-story building, consisting of 84,534 SF, with 132 guestrooms located at the corner of Montgomery and Spencer Streets along the east end of the site. The hotel will generally serve business and leisure travelers visiting the Capital District from outside the area. The main drop off and entrance will be at the Montgomery Street elevation with the main lobby one level above Montgomery at the Plaza/Broadway level. The hotel will include a guest fitness center and pool, small meeting areas as well as guest dining areas and outdoor seating areas adjacent to the plaza. Architecturally, the project has been designed to be compatible with the rich history of Quackenbush Square. High performance metal panels have been selected not only for maximum durability and energy efficiency but also for compatibility and enhancement of the surrounding buildings. The project is located in a downtown high vacancy census tract. The hotel investment will be $30.415MM and will create 20-30 permanent jobs and 100 temporary construction jobs. Our intention is to fill those positions from the City of Albany and certainly the direct region; additionally, we will encourage the use of Minority and Women Owned Businesses. The jobs created by the facility will include management, skilled and unskilled positions. We expect to employ 20 full time and 10 part time individuals during the first year of operations and maintain that general level of employment in each future year. Hospitality projects have a significant ripple effect in the community as additional visitors stay at the hotel, they naturally patronize area restaurants, entertainment venues and services creating the demand for those services and helping to expand area businesses and employment.