NORWICH - Efforts to plant a new hotel in downtown Norwich inched a step forward Wednesday with the Development Chenango Corporation’s closing of 14-16 S. Broad St.

DCC is now planning its next move to make the project a reality. The agency aims to launch a fundraising campaign by the fall with hopes of making building modifications that will attract credible developers, as well as have next-level talks with the few developers who have already expressed interest.

DCC, the economic development arm of Commerce Chenango, announced its intent to buy the building in June. Last month, it laid out a timeline to have a boutique hotel in downtown Norwich by 2023.

Though no commitments have been made, Commerce Chenango President and CEO Kerri Green says she’s optimistic about sticking to that timeline and should have a clearer picture by year’s end.

“Ultimately the goal is to make the building attractive to a developer who will put a boutique hotel in downtown Norwich,” said Green. “Nothing is a done deal. We’re far from that. We’re still in the investigative process. The relationship with a developer is a two-way street; we want them to come in and do this, but we also want to make sure it’s a company or developer that we want to do this project with.”

The building, once the home of the SUNY Morrisville Norwich campus, has been largely vacant for more than a decade. The only occupant is a custom print shop business on the first floor, which DCC has no intentions of evicting.

Green said the undertaking is a tremendous move for the city and Chenango County at large. She points to the local loss of revenue each year from travelers who find lodging in nearby Hamilton, Oneonta, or Binghamton. Attracting a new hotel has been an item on Commerce Chenango’s itinerary since the 2014 release of a local accommodations study showing that the lack of quality lodging puts the county at an economic disadvantage.

Now that DCC has closed on 14-16 S. Broad, the agency’s working to get the community on board.

“We’re talking about doing an online virtual tour to get the community really excited about this,” said Green. “DCC has made a significant investment into Chenango County and in the City of Norwich, and we’re serious about moving this project forward.”

DCC is also seeking support from the local business community. According to Green, a few prominent companies have already promised financial support as the agency readies for a $1 million fundraising campaign.

DCC is pitching the building as having potential for 45 rooms, along with a kitchen and restaurant, and still enough space for a large meeting area. The agency has completed a building inspection, appraisal, and environmental study of the project in hopes of making it more appealing to developers when bids are solicited later this year.

Inspectors say the building itself is in good shape. Kitchen equipment was left on the first floor, along with a refrigerator and freezer, restrooms, and an available dining space where a short-lived restaurant once operated. That may make the building more enticing to developers, said Green. The second floor has a classroom-style layout from when SUNY Morrisville occupied the space 15 years ago. DCC guesses that floor will need the most work because of a needed overhaul. The third floor, however, is a shell, making it easy to configure as needed.

DCC says it plans to lease the building to a developer or hotel chain and introduce a progressive PILOT (payment in lieu of taxes) over the next several years to return the property back to the local tax rolls. It’s unsure how that agreement will look. Keeping the property taxable has been a priority for officials on the Chenango County Board of Supervisors, some of whom argued against purchasing the building to house court offices in 2013, thereby removing it from the tax rolls.

The DCC will likely solicit bids in the coming weeks. Green said she thinks the project could be completed within two years; faster if a developer is excited to move on it.