In response to Governor Cuomo’s announcement in the summer about the new Regional Economic Development Council initiative, the Capitalize Albany Corporation and partners have acted swiftly to solicit public engagement. Over the past few weeks Capitalize Albany Corporation has conducted a survey and held a forum, Prioritizing Albany, to assist with the development of a report outlining issues, opportunities, and potential projects in the Capital District. The report has been completed, and you can use this link to view it.

The report has been distributed to the Capital Region Economic Development Council (CREDC) to help provide as much detail concerning our local business climate, economic development and neighborhood revitalization efforts.   Our hope is that this report will help the Council to develop a regional strategy to guide what could be billions in state resource for the next several years.

To find out more about CREDC and to participate in their topic focused surveys link to http://capitalregionopenforbusiness.com/Home.aspx To find out more about Governor Cuomo’s state wide initiative, including this year’s 10 region competition for $200 million in economic development funds and tax credits link to http://nyworks.ny.gov/

Albany’s downtown apartment market is starting to sizzle. Over fifty new residential units have been added in the last few years. And according to the building owners, all of those units are fully rented and there is strong demand for more.

In addition to those fifty units, the number of projects in the pipeline is growing. Recent announcements of new projects include a 15 unit conversion of a formerly vacant nightclub at 4-6 Sheridan Avenue, as well as a 24 unit luxury condominium project in an abandoned car dealership building at 17 Chapel Street.

All of these announcements take on a greater significance when you consider that just five years ago there were no apartments or condos available in Albany’s downtown business district. With nearly 40,000 people working in downtown Albany, that figure did not go unnoticed by local officials.

In 2006, the Albany Downtown Business Improvement District partnered with the Capitalize Albany Corporation to hire Zimmerman Volk Associates, Inc., a nationally recognized research firm, to conduct a residential survey to gauge the interest for downtown living.

The results of that first survey confirmed what many already believed: there was a strong demand for apartments and condominiums in downtown Albany. And the demand has grown steadily since that first survey.

The most recent update to the Zimmerman Volk Associates survey in 2011 showed that Albany could support 134 new units over the next three years and then 287 more units in years four through seven. This news and the success of recent projects have developers buzzing.

All of these projects have been helped along by forward-thinking policies like the 485-a program. Administered by the City of Albany, it is a tax abatement program which applies to structures in the City that are converted from commercial to mixed-use. The tax assessment of the existing building (pre-development) is held in place for the first eight years following conversion, and beginning in year nine, 25 percent of the increase phases in each year until full assessment in the 13th year.

In addition to the tax abatement program, economic development agencies have created loan programs to help these projects along. Last summer the Capitalize Albany Corporation unveiled a $2 million loan program intended to provide the tools necessary to target high impact, large-scale transformational projects in Albany. It offers below market, fixed rate loans up to 40 percent of a total project cost. The loans may be used for construction, fixed asset financing as well as rehab costs related to tenant “fit ups” for new business locations or residential conversion projects. The program is aimed at projects that invest in underutilized or vacant properties and create economic opportunities in the City of Albany.

The results of the survey proved that there is a strong demand for downtown living options in Albany, and developers are working to meet the demand with the help of tax incentives and lending options. 2011 promises to be a strong year for residential development in downtown Albany.

Originally printed in New York Real Estate Journal.

Albany, NY – The Capitalize Albany Corporation has approved financial assistance to support another downtown residential project that will rehab a vacant building. This project will continue the trend of downtown residential development, with 4-6 Sheridan, LLC, redeveloping the 20,000 square foot building located on Sheridan Avenue between North Pearl and Chapel Streets.

“Today is an exciting day for residential development in downtown Albany,” said Mayor Jennings. “This building, which is a substantial part of our downtown and entertainment district, will provide high quality housing to the people who live and work in this neighborhood, and will add to the vibrancy of this district. Its proximity to 17 Chapel, which is currently under construction, is further evidence of downtown’s emerging residential neighborhood.”

4-6 Sheridan, LLC formally purchased the property last week and will begin rehab work immediately. When completed, the building will consist of 15 one bedroom apartments on the second through fifth floors.  The first floor is being reserved for a commercial use; possibly a restaurant or retail space.    Total renovation costs are estimated to be over $1 million.

This project funding is a partnership with $325,000 in financing from the Capitalize Albany Corporation’s Real Estate Loan Program.  Another $150,000 will be coming from the New York Main Street Program, which provides resources and technical assistance to communities to strengthen the economic vitality of the State’s traditional Main Streets and neighborhoods. The program is administered by NYS Homes and Community Renewal, which consists of all the state’s newly integrated housing and community renewal agencies.

The announcement of this project is a particular victory for downtown residential development. When considered along with the two dozen other apartments that have come online in the last year, all of which are fully rented, and the 24 luxury condos being constructed at 17 Chapel Street, it shows the momentum building in the downtown residential market.

“We’re very excited to be part of the groundswell of residential development in downtown Albany,” said 4-6 Sheridan, LLC’s spokesperson, Clemente Parente, Esq.  “We believe that there is strong demand from people who would like to live in the city, and we hope that this is just the beginning of more projects to be developed by our group.”

With renovation projects happening in other parts of downtown, including at 17 Chapel Street and on both North Pearl and Broadway, this was a prime location for redevelopment.  This building, the former Skyline Bar and Big House Brewing Company has been vacant for two years and has been part of a bank foreclosure.

“We are excited to see this property, which was such an integral part of the redevelopment of Downtown in the late 1990s, come back on line with such a great use,” said Georgette Steffens, Executive Director of the Downtown Business Improvement District.  “All of the apartments in Downtown are rented.  People want to live here among the best fine dining and arts and entertainment venues in the City.”

The 15 units in this elevator equipped building will consist of studio and one bedroom apartments.  Each unit will include exposed brick, central air conditioning, solid wood cabinetry, and solid surface countertops.  Stainless steel appliances will complement the hardwood floors and there will be a washer and dryer in each unit. Monthly rents are estimated to be between $900 and $1100.

“Vacant and underutilized property cases require tremendous amounts of time, energy and funding to develop,” said Michael Yevoli, President of Capitalize Albany Corporation. “The project at 4-6 Sheridan is an example of how the policies, programs and initiatives developed by the City, State and the Capitalize Albany Corporation worked together to develop creating the positive change that they were designed to make.”

The property will utilize the 485-a real property tax abatement program. The 485-a Program—administered by the City of Albany— is a tax abatement program which applies to structures in the City that are converted from commercial to mixed use. The assessment of the existing building (pre-development) is held in place for the first eight years following conversion, and beginning in year nine, 25 percent of the increase phases in each year until full assessment in the 13^th year.

The project is expected to begin immediately with units to begin renting in fall of 2011.4-6 Sheridan Floor Plans

70 Morris Street

Albany, NY –  Officials from the Capitalize Albany Corporation, joined developers Lou Chicatelli and Chris Maddalone, Mayor Jennings,  KeyBank, and local residents to celebrate the opening of a newly renovated apartment building in Albany’s Park South neighborhood.

“Today is an exciting day for this neighborhood,” said Mayor Jennings. “This new building will provide high quality housing to the people who live, work and study in this neighborhood. Just last week we celebrated the opening of the new office/commercial space on New Scotland Ave, and with the opening of this new residential building, there is continuous momentum for Park South and the entire community.”

The nine unit building began initial rent-up last month, and five of the units are already occupied

The unveiling of this renovation project is a particular victory for the neighborhood in light of the history of the building. In 2008, the City of Albany facilitated the sale of the seventy year old property from a former absentee landlord to Morris Street Development LLC, owned by Lou Chicatelli and Chris Maddalone.

This was one of the first triumphs for the City’s vacant building court, established in 2008 to combat neglectful property activity. The former owner had allowed the building to deteriorate until it became a safety hazard, and required the City to institute a costly 24-hour code watch. The former building owner did not comply with requirements and chose to sell the property. Shortly after, Morris Street Development LLC acquired the building and began a total rehabilitation.

“If it weren’t for the City and local neighborhood’s long standing commitment to the revitalization of the Park South neighborhood, we would have questioned the viability of a project of this size,” said Louis W. Chicatelli Jr.  “The staff of the Mayor’s office and particularly the highly qualified staff of the Capitalize Albany Corporation helped us make, what could have been an onerous project, a success.  Due to our positive experience, we are looking forward to pursuing other redevelopment projects in the neighborhood and City.”

To assist with project financing, the developers Lou Chicatelli and Chris Maddalone worked with KeyBank and the Capitalize Albany Corporation for lending. The project also went through the City’s Industrial Development Agency to help with project development costs, including real property tax incentives.

“KeyBank is proud to provide $620,000 in construction financing for this project, which will expand residential opportunities in the increasingly vital Park South Redevelopment Plan neighborhood,” said Jeffrey Stone, President, Capital Region, KeyBank. “This development is just the latest in a series of KeyBank financing commitments that are helping to bring the Plan to life. We previously financed mixed use buildings at 16 and 22 New Scotland Avenue and apartments at 100-104 Morton Ave., and we’re delighted to be part of this exciting new residential development.”

With renovation projects happening in other parts of the neighborhood, including Knox Street and further up Morris Street, the building at the corner of Morris and Knox Street was a prime location for redevelopment.  This particular building had been a neighborhood nuisance for many years drawing repeated code violations for neglect.  The situation came to a head in 2008 when the mortar on the façade became so deteriorated that bricks were falling onto the street posing a hazard to pedestrians. This triggered the City’s emergency 24-hour watch.

Due to the significant investment required for a project like this, the developers worked with the City and the Capitalize Albany Corporation to structure the redevelopment financing in a way that made it viable.

“Abandoned property cases require tremendous amounts of time, energy and funding to resolve,” said Michael Yevoli, Commissioner of Development and Planning. “70 Morris St. is an example of the policies, programs and initiatives the City worked together to develop creating the positive change that they were designed to make. We took the time to do it right, and we are beginning to see rewards now because of it.”

After two years, and $865,000 in investment, the project was completed under budget and ahead of scheduled completion.  With help from the City of Albany Industrial Development Agency, the Community Preservation Corporation, and the Capitalize Albany Corporation, this formerly abandoned building is now home to nine high quality apartments.

16 New Scotland Avenue

Albany, NY – Mayor Jennings today officially cut the ribbon on the newest building on New Scotland Avenue. He was joined by James J. Barba, president and CEO of Albany Medical Center; Michael J. Castellana, president and CEO of SEFCU; and officials from Columbia Development, Capitalize Albany Corporation, CVS, the City of Albany, and Empire State Development to celebrate this important new addition to the New Scotland corridor.

“Today is an exciting day for this neighborhood,” said Mayor Jennings. “This new building and the services that it will provide to the people who live, work and study in this neighborhood is a testament to what we can accomplish when we bring our developers, non-profit institutions and business community together.”

The building unofficially opened three months ago with medical offices of Albany Medical Center’s Department of Obstetrics & Gynecology on the second floor.  Work continued on the third floor, which is now occupied by the physician assistant and nurse anesthesiology training programs of the Albany Medical College, and street level spaces that house CVS and SEFCU.

Work is now complete on this project that began more than three years ago. In 2007, the Capitalize Albany Corporation assembled 20 individual properties along New Scotland Avenue with the plan of spurring redevelopment along that commercial corridor.

The City of Albany partnered with the Capitalize Albany Corporation and Columbia Development Companies on this project to apply for a $3.3 million Restore NY grant from Empire State Development (ESD). The Restore NY program is designed to revitalize distressed urban communities that are experiencing vacancy and blight. Once awarded, the funding off-set demolition and site development costs in order to make this project possible.

“Working hand in hand with our partners, we are pleased to be a part of this exciting neighborhood transformation,” said Empire State Development Chairman and CEO Dennis M. Mullen.  “The completion of this revitalization project at 16 New Scotland has not only brought a new dimension to this block, but has leveraged private investment to bring business expansion and spark future development and growth in the Park South neighborhood.  As such, it is one of our finest examples of a Restore New York project.  We congratulate the City of Albany, the Capitalize Albany Corporation, the developer, participating businesses and the city’s residents for their commitment to building vibrant communities and a better Albany.”

Today the site offers tremendous new services to the community including a pharmacy, a first-ever neighborhood branch of SEFCU, and upper floor medical and educational facilities.

The 55,000 square foot building cost more than $17 million to construct.  Columbia Development acquired the assembled site and was the project developer.  They were able to complete the building ahead of schedule and paid careful attention to details that complemented the surrounding neighborhood design.

“It is unfortunate that my friend and partner Don Led Duke is not here to see how his BBL Family’s hard work helped transform the New Scotland Ave corridor,” said Joe Nicolla, president of Columbia Development.  “This building is a true testimonial to how he lived his life, working with others such as AMC and the City, to build partnerships that transformed communities.  The BBL Family of Companies looks forward to having the opportunity to continue Don Led Duke’s vision in bringing additional projects and developing partnerships to positively affect and transform our local community for many years to come.”

16 New Scotland is the most recent in a long line of projects on which the City of Albany, Albany Medical Center and Columbia Development Companies have partnered.  Completed projects include the Physicians Pavilion, Hilton Garden Inn at Albany Med, and office buildings at 22, and now 16 New Scotland Avenue.  These projects blend the practical needs of the community with the business needs of AMC.

“We’re very proud to have partnered with the City of Albany, Columbia Development, and BBL Construction Services to make this modern office building a reality and also to have worked so closely with these very same partners on the entire New Scotland Avenue revitalization project,” stated James J. Barba, president and chief executive officer of Albany Medical Center. “As any passerby can see, it has resulted in an incredibly positive transformation of the lower end of the New Scotland Avenue corridor which is good not just for Albany Medical Center but for our entire community. Work on the next “piece” has already begun – the $360 million expansion project which by 2013 will provide new operating and recovery rooms as well as state-of-the-art intensive care units for both infants and adults.”

Even with all of the projects completed over the last several years, there are still more projects in the pipeline for this area. A new 1500-space parking garage for Albany Medical Center is currently under construction at 40 New Scotland Ave, and right in front of the new parking garage at 50 New Scotland work has begun on a new retail/office building, which will include a Panera Bread.

The centerpiece of Albany Med’s revitalization effort is a $360 million, six six-story Patient Pavilion, which is currently under construction. The new Patient Pavilion will be constructed at the east end of the campus. Expected to be completed in 2013, it will include expanded adult and neonatal intensive care units as well as new operating rooms and recovery rooms. The project will add 1,000 new permanent jobs and 800 temporary construction jobs.

Pearl Street Diner Ribbon Cutting

ALBANY, N.Y. – Mayor Jennings joined Nicholas and Anthony Mitsios, owners of The Pearl Street Diner, Commissioner John C. Egan of the New York State Office of General Services, and other elected officials today to formally open the newest diner in downtown Albany.  The Pearl Street Diner is located at 40 North Pearl Street in the Ten Eyck building in the heart of Albany’s entertainment district.

“This is an exciting new addition to downtown and I am happy to welcome The Pearl Street Diner.  This confirms that the momentum of investment and activity in downtown is continuing,” said Mayor Jennings. “The Mitsios’ have served downtown for several years, and I want to congratulate them for their vision and dedication to our City.”

The space at 40 North Pearl Street has been vacant for several years. With an investment of $300,000, owners Nick and Anthony transformed the space in to a hip 50’s style restaurant, including black and white checkered floors that will serve many of the new and existing businesses, as well as the growing residential population in downtown. The menu will include traditional diner food such as omelets, burgers, and sandwiches, as well as Greek specialties.

“The Office of General Services worked closely with the Mitsios family to establish a first rate restaurant in this state-owned building. It is a wonderful example of partnership between private industry and the state,” Commissioner Egan said. “State employees have enjoyed food prepared by the Mitsios family for many years, so we are very pleased that the rest of the Capital Region will be able to take advantage of the new addition to North Pearl Street.”

“I applaud Nick and Anthony Mitsios for their commitment to downtown Albany, the additional weekend hours make a great addition for visitors and our Entertainment District patrons alike,” said Georgette Steffens, Executive Director of the Downtown Albany Business Improvement District.  “It continues the momentum of creating a 24/7 vibrant Downtown.

The Mitsios’ utilized partial funding for the project through the Al Tech Loan fund, which is administered by the Albany-Colonie Regional Chamber of Commerce. The Pearl Street Diner will create 16 new jobs.  The 50-seat restaurant will be open Monday through Thursday 7 AM – 4 PM; Friday – Saturday 24 hours, and closed on Sunday.

For additional information and a menu call the Pearl Street Diner at (518) 463-4829.

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Albany, NY – Mayor Jennings today announced that the Capitalize Albany Corporation and the Albany Parking Authority (APA) are teaming up to offer business and real estate development tools designed to spur investment and job creation in the City of Albany.

The programs are intended to target high impact, large-scale transformational projects in Albany. As part of these initiatives, the Capitalize Albany Corporation unveiled a $2 million loan program aimed at projects in the City of Albany that will have a direct impact on attracting investment, creating jobs and redeveloping underutilized properties.

The Capitalize Albany Real Estate Loan Program will offer below market, fixed rate loans up to 40 percent of a total project cost.  The loans may be used for construction, fixed asset financing, as well as rehab costs related to tenant “fix ups” for new business locations or residential conversion projects. The program is aimed at projects that invest in underutilized or vacant properties and create economic opportunities in the City of Albany.

Doing its part to provide developers and employers with tools for growth, the Albany Parking Authority unveiled two new programs to encourage development in the City of Albany.  For organizations looking to move or expand into the City of Albany, APA will be offering incentives for developers or businesses who sign longer-term agreements – from one to ten years – to receive discounts of 50% on the price of parking in APA garages, resulting in a cost of only $70 per month.

In addition, APA introduced its “2 Bucks, 2 Blocks, 2 Easy” program which will provide nighttime parking for a flat fee of $2 in APA’s well lit, clean and safe Columbia Street garage – just 2 blocks from the Pearl Street entertainment district.  This low rate also applies at the Green Hudson and Quackenbush garages, and is in place 7 days per week, except during special events.

“The City of Albany is a premier place to do business, invest and access job opportunities” said Albany Mayor Gerald D. Jennings.  “We need to make sure that we continue to support economic development, even during these challenging fiscal times. As State programs dwindle, it is even more important for us to have the tools in place at the local level to keep our Capital City’s economic engine running strong.”

The Capitalize Albany Real Estate Loan Program will add to the number of economic development programs that the Capitalize Albany Corporation administers. The Real Estate Loan Program will be in addition to the revolving business loan fund that is already available. This new loan fund represents the largest financial commitment to date for the independent, financially self sufficient non-profit corporation.

“The Capitalize Albany Real Estate Loan Program is designed to offer access to help transformational projects happen in the City of Albany” said Michael J. Yevoli, President of the Capitalize Albany Corporation.  “Our community has limitless opportunities and tremendous building stock, I look forward to the results of today’s announcement. I thank Mayor Jennings for his vision and unwavering commitment to economic development in the City of Albany.  The Mayor challenged us to do something dramatic and this program is expected to be an essential development tool at a critical time.”

The Capitalize Albany Corporation will begin reviewing applications for projects immediately.  For more information on this program or to find the online application and others please visit: www.capitalizealbany.com

“The Albany Parking Authority is committed to working with the business community in the City and understands parking needs play a major role in making decisions about where to invest,” said Michael T. Klein, Executive Director of the Albany Parking Authority.  “We took action and are offering unprecedented new incentives to make it even more attractive for people to visit and for businesses to locate within the City of Albany.”

“The relationship between parking and cities has always been very important, “ said Shawn Conrad, CAE, Executive Director, International Parking Institute, the  largest trade association representing the parking industry. “This new parking incentive program that has been developed as a collaborative effort between the city of Albany and the Albany Parking Authority is a wonderful example of how innovative approaches to parking can help generate new income, stimulate the economy and use existing land wisely and in keeping with a model for sustainable, economically-sound solutions.  I have no doubt that cities across America will be looking to this example set by Albany.”

This announcement comes on the heels of other recent financial incentives that have been initiated in Albany.  In May, Mayor Jennings announced the 485-a program, a tax abatement program which applies to structures in the City that are converted from commercial to mixed use. The assessment of the existing building (pre-development) is held in place for the first eight years following conversion, and beginning in year nine, 25 percent of the increase phases in each year until full assessment in the 13th year.

In March, the City also announced the formation of the Capital Resource Corporation (CRC) which will help to offer conduit financing for not-for-profit organizations.  These new programs, along with various other initiatives and incentives, are a testament to the fact that Albany is, and has always been, a business friendly environment.

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About Capitalize Albany
The Capitalize Albany Corporation is a registered 501(c) (3) not-for-profit organization which implements programs and resources that create, retain, and attract businesses in the City of Albany.  The Capitalize Albany Corporation achieves this through its facilitation of transformational development projects identified as priorities by the corporation’s planning efforts, such as the corporation’s “Capitalize Albany” economic development strategy.

Founded in 1979, as the Albany Local Development Corporation, the organization changed its name in 2010 to better reflect its role as an economic development engine in the capital city.  The Capitalize Albany Corporation is governed by a Board of Directors with the power to control and manage the affairs and assets of the corporation. The Capitalize Albany Corporation operates as a self-sufficient entity with funding for its activities derived from several sources including loan repayments and recapitalization, real estate and project development revenues, fees for services, grant proceeds, and membership dues.

About Albany Parking Authority
The Albany Parking Authority was established in 1983 as a public benefit corporation under the New York State Parking Authority Law.  The APA manages three parking garages in downtown Albany, nine surface parking lots and more than 2,000 parking meters throughout the City.  For more information about parking availability or to purchase parking in the City of Albany, please visit www.ParkAlbany.com.

Albany, NY – The City of today unveiled a new luxury condominium project in the downtown area. Mayor Jennings was joined by developers Jack and Seth Rosenblum to celebrate the launch of this new project at 17 Chapel Street.

The Rosenblums’ project will transform an abandoned warehouse into 24 luxury residences that feature sweeping views of the City and offer access to downtown theaters, parks, entertainment venues, businesses, shopping, and fine dining establishments. These luxury condos also feature a variety of exceptional amenities, including stainless steel appliances, beautiful hardwood floors, marble or granite countertops, heated indoor parking, an onsite fitness center and a rooftop patio.

“This rehabilitation project proves that downtown Albany is moving to the next level in its continued renaissance,” said Mayor Jennings.  “Downtown residential development and reuse of former commercial properties are strategic initiatives of Capitalize Albany’s economic development strategy, and this project is proof that our efforts are creating results.”

One of the key features that made this project possible is a newly energized tax incentive offered by the City called the 485-a program.  The 485-a Program—
administered by the City of Albany— is a tax abatement program which applies to structures in the City that are converted from commercial to mixed use. The assessment of the existing building (pre-development) is held in place for the first eight years following conversion, and beginning in year nine, 25 percent of the increase phases in each year until full assessment in the 13th year.

“I would like to thank Mayor Jennings and the City of Albany School District for creating the 485-a program,” said Seth Rosenblum, Principal Developer.  “Without this program, a project of this size and quality would have been much more challenging, if not impossible, to implement.”

The existing four-story building at 17 Chapel Street was built in 1928. Over the years it housed several auto dealerships and most recently was used by the Capital Repertory Theater for offices, set and prop storage, set construction, and rehearsal. Capital Rep sold the building to its current owners in 2008.

The new building, designed by Schopfer Architects, will add a steel structure with three additional floors. The first and second floors will house the lobby, fitness center, 38 reserved parking spaces and storage units inside a heated garage. Twenty-four condos will be located on floors three through seven, with a roof deck at the 8th floor level.

The exterior of the building will be re-faced with new materials to give a historic feel. The overall aesthetic is inspired by the original modernist structure and mixes in elements of contemporary style while evoking the rich history of downtown Albany.

“This project fits with our overall plan for downtown residential developments,” said Michael Yevoli, Commissioner of Development and Planning for the City of Albany.  “There is a need for more residential space downtown, and reusing existing buildings brings them into good use and promotes the vibrancy of the neighborhood.”

“I applaud the Rosenblums for their commitment to downtown Albany.  The transformation of their building – both inside and out – will add much needed residential property to the downtown market,” said Georgette Steffens, Executive Director of the Downtown Albany Business Improvement District. “This project will be the catalyst for future residential development projects in downtown.”

The project has received approval from the Attorney General’s office, one of the last steps before construction can begin. For more information, please contact the City of Albany’s Department of Development and Planning at 434-2532.

The parcel is being purchased from the Capitalize Albany Corporation; formerly known as the Albany Local Development Corporation. The site is currently a surface level parking lot which provides parking for approximately 45 cars off Broadway and along Hudson Avenue

“On behalf of the Capitalize Albany Corporation, we are pleased to be able to reach an agreement that will support the mission of the Albany Convention Center as well as continue to assist business development in downtown Albany,” said Kevin O’Connor Chair of the Board of Directors of the Capitalize Albany Corporation.  “The Albany Convention Center will be an important economic engine for the City and Region when completed and we look forward to its positive economic contributions to the area.”

The .3 acre parcel–being purchased for $555,000–is strategically located within the planned development site for the proposed 266,000-square-foot convention center which is expected to encompass approximately six acres. The center is expected to produce an annual fiscal benefit to the City, County, and State of $3.4 M in combined tax revenue and the associated annual economic impact from the completed convention center is estimated to be $80 M.  The agreed upon sales price was valued based upon a long term lease agreement that generates income and business activity as well as the pivotal location in the convention center plans.

“The decision to sell this asset made fiscal and economic development sense to the Corporation,” said Erik J. Smith, Vice President of Finance for the Capitalize Albany Corporation. “In addition to being a good civic partner for the Convention Center, we look forward to the business development activity that this will generate for Albany.”

This most recent investment is being made by the State of New York, at the direction of Governor David A. Paterson. In the fall of 2008, Gov. Paterson approved an allocation of $10 million through the Empire State Development Corp to fund the advancement of land acquisition, pre-construction planning, environmental investigation, archeology and historic conservation for the convention center project.

ABOUT THE ACCA
The nine-member Albany Convention Center Authority was organized in 2006 as a public benefit corporation under the New York State Public Authorities Act. The authority was created to meet an immediate need to institute a comprehensive, coordinated program of convention activities in the City of Albany. The ACCA is to provide the City of Albany with the ability to develop, renovate and undertake economic development projects in the historic downtown area to optimize the economic and social activities of city and its environs.

ABOUT THE CAPITALIZE ALBANY CORPORATION
The Capitalize Albany Corporation is a registered 501(c) (3) not-for-profit organization which implements programs and resources that create, retain, and attract business in the City of Albany.  The Capitalize Albany Corporation achieves this through its facilitation of transformational development projects identified as priorities by the corporation’s planning efforts, such as the corporation’s “Capitalize Albany” economic development strategy.

Founded in 1979, as the Albany Local Development Corporation, the organization changed its name in 2009 to better reflect its role as an economic development engine in the capital city.  The Capitalize Albany Corporation is governed by a Board of Directors with the power to control and manage the affairs and assets of the corporation. The Capitalize Albany Corporation operates as a self-sufficient entity with funding for its activities derived from several sources including loan repayments and recapitalization, real estate and project development revenues, fees for services, grant proceeds, and membership dues.

MEDIA CONTACT:
Duncan Stewart, Executive Director                  518.275.4920
Albany Convention Center Authority                 518.275.4921 fax
386 Broadway, Albany, New York 12207          dstewart@accany.com or www.accany.com

Albany, NY – The College of Saint Rose was recently awarded the Jacob H. Herzog Leadership Award by the Capitalize Albany Corporation.  The award was presented by Kevin O’Connor, Chairman of the Board of Directors of the Capitalize Albany Corporation, at the organization’s annual member celebration on December 17th 2009.

Since 1995, the Herzog award has been given annually in recognition of individuals or organizations that have provided extraordinary leadership in improving the economic well being of the City of Albany.  The Capitalize Albany Corporation believes that these actions should be acknowledged so that others may be encouraged in their own efforts to improve the economy and thereby the quality of life in the City of Albany.

“The College of Saint Rose has played an integral role in the academic development of thousands of students, and at the same time, has remained a pillar of the community in the City of Albany,” said Capitalize Albany Corporation Chairman Kevin O’Connor.  “Through its long-term commitment to the city and its efforts in neighborhood stabilization and revitalization Saint Rose remains a strong and active partner.”

Among the many ways Saint Rose has shown itself a leader in the City of Albany, it was a founding partner in the Midtown Homeownership Program which has successfully attracted more than 70 new homeowners in the city’s midtown neighborhood.  The college is also currently involved in a $5 million redevelopment of the multi-use Hoffman Park on the city’s southern border.  The new facilities will open as the Christian Plumeri Sports Complex later this year, and will bring new vitality and recreation to the city’s southern gateway.

Daniel P. Nolan, chair of the College of Saint Rose Board of Trustees, accepted the Herzog award on behalf of the college.

“The College of Saint Rose is an integral part of the City of Albany,” said Nolan.  “Being in the City provides great learning, internship and service opportunities for the students, faculty, staff of the college and we are proud to be a centerpiece of the City’s culture with countless concerts, art exhibits, lectures, readings and discussions on the important issues of our day.  As Saint Rose has grown and flourished as an institution, it has remained a goal that we improve our surrounding community as well.”

Another recent program the college has announced is the Touhey Urban Education Initiative, which will give first-year Saint Rose education students who are interested in urban careers a realistic picture of, and learn effective approaches to, city teaching.

“Congratulations to The College of Saint Rose for this honor; it is fitting that Saint Rose should be recognized for its dedication to the City of Albany,” said Albany Mayor Gerald D. Jennings.  “It has been a steadfast partner with the city in its efforts to improve life not just on its campus, but in the wider community.”

The Jacob H. Herzog Leadership Award so named for the first recipient, a prominent attorney and civic leader in Albany.  Past recipients of the Herzog award include former SUNY Albany President Kermit Hall; former New York State Governor George Pataki; Howard J. Hubbard, Bishop of the Diocese of Albany; as well as Albany Medical Center and St. Peter’s Health Care Services to name a few.

Founded in 1920 by the Sisters of Saint Joseph, The College of Saint Rose is a private, independent, coeducational college located in the City of Albany.  Home to four schools with nationally accredited programs, centers and institutes, the Saint Rose family includes over 5,000 highly motivated undergraduate and graduate students, over 200 exceptional faculty dedicated to cultivating student success, and scores of involved alumni and supporters, all of whom contribute to the intellectual, scholarly, creative, artistic, athletic, and cultural success of the College and the surrounding region.

The Capitalize Albany Corporation is a registered 501(c) (3) not-for-profit organization which implements programs and resources that create, retain, and attract businesses in the City of Albany.  The Capitalize Albany Corporation achieves this through its facilitation of transformational development projects identified as priorities by the corporation’s planning efforts, such as the corporation’s “Capitalize Albany” economic development strategy.

Founded in 1979, as the Albany Local Development Corporation, the organization changed its name in 2010 to better reflect its role as an economic development engine in the capital city.  The Capitalize Albany Corporation is governed by a Board of Directors with the power to control and manage the affairs and assets of the corporation. The Capitalize Albany Corporation operates as a self-sufficient entity with funding for its activities derived from several sources including loan repayments and recapitalization, real estate and project development revenues, fees for services, grant proceeds, and membership dues.

CONTACT:
Joshua Poupore, Capitalize Albany Corporation
T: 518-434 2532 x 27
E: pouporej@ci.albany.ny.us