FROM THE DAILY NEWS. Ground is expected to be broken on a new downtown hotel at 110 East Sumner St. sometime around Aug. 1. The development agreement between the city and Cobblestone Hotel Development LLC has been given unanimous approval by the Common Council. “Existing buildings on two of the lots where the hotel is to be built will be torn down by around mid-July,” City Planner Justin Drew said. Cobblestone Development will build a 60-unit hotel with an attached restaurant and an outdoor patio, indoor pool, meeting room, exercise facility and parking lot, according to the agreement. Drew said he believed the build-out value of the hotel and property when construction is completed will be “somewhere between $7 million-$8 million.”
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