11/06/2019
Local builder doing good for the economy in upstate NY.
We would like to congratulate Philip Farinacci Sr. and wish him all the best.
Developer Unveils Plans For 60-Room Margaretville Hotel
By Brian Sweeney
Plans for a 60-room hotel in the Village of Margaretville were announced last week by Philip Farinacci as the latest in his series of local investment projects.
Mr. Farinacci said he has closed on the purchase of a 5.5-acre parcel at the intersection of Route 28 and Fair Street (adjacent to the car wash) and the hotel is in the planning stages. Factoring in the approval process, design work and construction, he anticipates the hotel will be operational in about three years.
The developer said the hotel will have affordable accommodation rates. Mr. Farinacci said it will not be a franchise and will be independently branded.
“I’m not ready to divulge the name we’re considering, but we’re aiming to key into the history of the Catskills,” he commented. “I hope the entire community appreciates it – we’ve narrowed it down to a simplistic design.”
Mr. Farinacci expects to have design and construction drawings finalized by the first quarter of 2020. He is hopeful of receiving all approvals by mid-2020, with construction to commence shortly thereafter.
Initial outlook
Preliminary concepts for the hotel envision a two-and-a-half story building that includes loft space. The developer said there will not be a full restaurant, but the property will have a small coffee, wine and beer bar, as well as an outdoor snack bar. The hotel will include a conference room and catering area to prepare meals for parties of up to 150 guests. He said the inclusion of an indoor pool is still under discussion. To avoid congestion along Route 28, the hotel driveway will be off Fair Street.
Mr. Farinacci said that by providing approximately 60 hotel rooms, the facility will help address the shortage of accommodations for the region’s booming wedding industry. In addition, he indicated that tour buses for skiers and other groups will have a local overnight rooming option. He expects the hotel to create 25-30 employment opportunities.
A companion project Mr. Farinacci hopes to complete is a walking bridge spanning the East Branch of the Delaware River, connecting the hotel parcel to Main Street bringing guests easy access to shopping and dining in the village.
Mr. Farinacci said he’s going to serve as builder/developer and oversee project construction to achieve some cost savings. He anticipates the hotel price tag will be about $6 million.
Lucky 13
Working exclusively with Peggy Bellar from the Catskill Dream Team, Mr. Farinacci has been involved in 13 real estate purchases in the immediate vicinity over the past three years. As a result of these transactions, he has renovated a number of properties to help address the area’s scarcity of residential housing options. His purchases include partnership in several commercial ventures, including the Binnekill Tavern in Margaretville and the soon-to-be-opened Tito Bandito’s Mexican restaurant in Pine Hill.
Bryan Calvert and Peter Botros are equal partners in the local restaurant ventures. Mr. Farinacci is developing the hotel independently. Mr. Calvert serves as executive chef at the Binnekill Tavern and will also perform those duties at Tito’s. In addition, he will be the hotel’s catering manager. Renee Alexander has been engaged to assist with design development of the hotel and will manage Mr. Farinacci’s growing portfolio of residential properties.
Mr. Farinacci has developed numerous projects around Staten Island and explained that his Catskill Region endeavors are part of his “semi-retirement” plans. He anticipates announcing another formidable undertaking by the end of the year.
Ready for ski season
First up will be the opening of Tito Bandito’s, expected to occur in mid-December. The eatery will be located in the building that most recently was home to the Zephyr restaurant. Mr. Farinacci said renovations to the space are relatively minor. The work in includes extending the bar and opening up the back room to create a more fun/upbeat atmosphere.
“We want this new restaurant to celebrate and honor the Mexican heritage and we’ll be serving somewhat authentic Mexican food. We think Tito’s will be a great fit for residents and visitors. Along with food, there will be festive decorations, Mexican and Spanish music, and specialty drinks. It’s a nice mix — I’m excited,” he remarked.
He said the restaurant is named in honor of his teacup Pomeranian,Tito, whose penchant for making off with household items earned him the Bandito nickname.
Commenting in his whirlwind of investment activity, Mr. Farinacci said he’s trying to fill needs in the area that’s become his adopted home.
“We like employing people – it’s what we do – our staff become like family,” he noted. “We’re really thrilled about bringing people to Margaretville and feel like the hotel will put the village over the top.”
In less than six years, at least 20 businesses have opened in Margaretville. Mr. Farinacci said he’s pleased to be playing a key role in village’s remarkable resurgence.
Photo caption:
Margaretville Hotel 1
Plans for a 60-room hotel in the Village of Margaretville were announced last week by Philip Farinacci as the latest in his series of local investment projects. The hotel will be located on this parcel at the intersection of Route 28 and Fair Street. — Photo by Brian Sweeney
