City of Albany to See First Residential New Construction as Market for Downtown Living Progresses
October 20, 2016
New construction projects located at 191 North Pearl Street and 760 Broadway will transform the two vacant properties, bring new revenue to Albany’s taxing jurisdictions and create a total of 118 new apartment units.
Together, these strategically-located projects will increase the density of the growing urban center, catalyze interest and make mixed-use reuse of vacant and abandoned properties more marketable in Albany’s warehouse district and surrounding neighborhoods. Each apartment complex will also be accessible to the Capital District Transportation Authority’s (CDTA) future River Corridor Bus Rapid Transit (BRT) line which will connect to Route 32 from downtown Albany and the warehouse district. Both projects are anticipated to start construction in 2016.
On Thursday (Oct. 20), the City of Albany Industrial Development Agency board approved applications to provide financial assistance in the form of New York State sales and mortgage recording tax exemptions and real property tax abatements for the development of the two groundbreaking new construction endeavors.
To take shape at the 1.4-acre parking lot located at 760 Broadway, the larger of the two projects, encompasses the $16.5 million construction of a new 5-story 130,000 square foot market-rate apartment building that will bring 100 new units to downtown. The unused property was identified as priority catalyst site in the Impact Downtown Albany strategic plan due to its ability to connect the business district with Albany’s warehouse district to the north on both Broadway and North Pearl Street. The project led by Fairbank Properties will be the first residential project built from the ground-up in the central business district. The building will offer up to 110 interior garage parking spaces on its ground floor.
With all 60 residential units occupied at their property at 488 Broadway, Fairbank Properties is currently leasing out its remaining commercial space available at the Arcade Building. New tenants include Stacks Espresso Bar and the Albany Center Gallery.
The Wilson at 191 North Pearl, a $2.8 million project led by local commercial real estate broker Rudy Lynch will transform the vacant 9,074 square-foot lot located at 191 North Pearl Street at the corner of North Pearl and Wilson streets creating 30 construction jobs. The new 3-story building will include 18 market-rate apartment units and a parking garage with approximately 15 parking spaces.