Just across the street from the new Marriot Syracuse Downtown, another building is getting a renovation. Symphony Tower, formerly known as the annex to Hotel Syracuse, will become an extended-stay hotel. Corina Cappabianca has details on the project.

SYRACUSE, N.Y. –- With the Marriott Syracuse Downtown now up and running, developers are turning their attention to a nearby property.

“To see people coming in here with luggage, coming in here before concerts, to have drinks we want to extend that energy and now is the time to do it,” said Syracuse Mayor Stephanie Miner.

The Symphony Tower on the corner of South Salina and East Onondaga streets will be turned into a Hyatt House with new meeting and restaurant spaces.

The 15-story building will become a Hyatt House hotel with 120 rooms.

 “We've already got the drawings done on the project, have already been submitted to the city for permitting, so we're into that process,” said project partner Ed Riley.

Miner says the property had more than $1.6 million owed in back taxes, fees and penalties. The developer will repay $500,000 immediately, plus another $650,000 over the next 15 years with interest. About $550,000 will be forgiven.

In exchange, Miner says 20 percent of the workforce for the project will be made up of city residents.

"We believe that economic opportunity and prosperity should be shared by everybody. We don't want to have this inequality between a few who get all of the breaks and the multitude of our residents get nothing," said Miner.

Developers hope to have the project completed by next fall.