Quality New Storage Facility Will Serve as Critical Amenity amid Residential Growth in Albany Neighborhoods

January 26, 2017

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In recent years more than 300 new apartment units have come online in Albany’s downtown and warehouse district alone as implementation of the Impact Downtown Albany strategic plan continues. There are nearly 500 more residential units in the pipeline for downtown and in the past year more than 100 new units have come online in Albany’s Park South neighborhood. The development of a new high-grade self-storage facility at 40 North Russell Road led by the Rosenblum Companies will serve as a critical amenity to current and incoming Albany residents. The project will also provide multiple community benefits including the availability of storage, free of charge through a partnership with a local non-profit organization that provides assistance to under-served populations in the community. In addition, the nearby service road which connects to Westgate Plaza will be resurfaced and maintained by the Rosenblum Companies. The project is estimated to create two permanent jobs and 31 construction jobs.

On January 26 the City of Albany Industrial Development Agency Board approved an application to provide New York State sales and mortgage recording tax exemptions to assist ValuSpace Albany, LLC in this project. This new construction project, a $6.3 million 90,000 sq. ft. high-grade three-story temperature controlled self-storage facility will contain approximately 650 storage units, a rental office and retail space for the sale of moving and packing supplies.