Redevelopment Project to Bring 400 Jobs as Broadway Warehouse District Corridor Looks to Transform

June 3, 2015

On Wednesday, June 3, the City of Albany Industrial Development Agency board approved an application to provide financial assistance for a redevelopment project along the Broadway corridor of Albany’s warehouse district. Norry Management Corp. has a five-year lease with Maximus Inc., a contractor for New York’s health insurance exchange, to fill 92,000 square feet of space at 833 Broadway bringing 400 new jobs to Albany. Norry Management Corp. stepped into the Albany market purchasing the 142,000 square foot property in December and is planning $3.5 million in interior and exterior improvements to the property including expanded parking, a process to begin this summer.

“Albany’s warehouse district has its strong industrial and manufacturing sector bringing jobs and workers to the area. When you combine that with restaurants, retail and residential you’re able to create a bustling urban center,” said Sarah Reginelli, CEO of the Albany Industrial Development Agency and President of Capitalize Albany Corporation. “What Norry Management Corp. is planning to do with the space fits perfectly into this vision and aligns with the Capitalize Albany Impact Downtown strategy.”

Last week Druthers Brewing Co. opened the doors to its brand new 18,000 square foot brewery and restaurant at 1053 Broadway adding to the trend of industrial, blended with restaurants and retail along Broadway. An additional 68 jobs were created in Albany due to the company’s expansion. This also coincided with the City of Albany’s ReZone Albany warehouse district design workshops; a four-day event focused on gathering public input and development ideas for the district.

Impact Downtown Albany is the market-driven, action-oriented strategic plan developed last year under the management of Capitalize Albany Corporation, fueled by feedback and funding from strategy partners composed of local stakeholders. The plan is now being implemented to help position downtown, its adjacent warehouse district and waterfront as the ideal urban center. The warehouse district was identified as a priority. The strategy’s goal is to help existing businesses grow and continue to thrive while attracting new complementary businesses and projects to this bustling district adjacent to downtown. Capitalize Albany Corporation is the City of Albany’s non-profit economic development arm that facilitates and manages local development.

To view the announcement’s press release click here.