132-Room Hotel As Part of Quackenbush Square Development To Transform 1.67-Acre Former Brownfield Site In Downtown Albany

June 20, 2019

Click here to view the announcement’s press release

A new $30.4 million investment will transform a highly visible site along Broadway. As part of Pioneer Companies’ large mixed-use Quackenbush Square development project, a new 132-room hotel will strengthen the connection between downtown Albany, Clinton Square and the warehouse district, support nearby businesses and area attractions. The hotel is estimated to create 100 construction jobs, 25 permanent jobs, generate an economic impact of more than $13 million during construction, and more than $600,000 annually once completed. Over the next decade alone the project will generate $2.7 million more in revenue to local taxing jurisdictions anticipated to have been collected without this new investment.

A project made possible with support from the City of Albany Industrial Development Agency, on Thursday the City of Albany IDA board approved an application to provide assistance to 705 Broadway, LLC in the form of New York State sales and mortgage recording tax exemptions and real property tax abatements. Over the next 10 years the project will generate $2.7 million more in revenue to local taxing jurisdictions anticipated to have been collected without this new investment, upon completion of the project’s PILOT period it’s estimated to generate $957,498 annually.

Leveraging New York State Brownfield Opportunity Area Program assistance, Pioneer Companies’ $6 million remediation is completed and the site is ready for the construction of a 132-room hotel located at 705 Broadway.  The hotel will be an eight story 84,534 sq. ft. building with amenities including a guest fitness center and pool, small meeting areas as well as guest dining areas and outdoor seating areas. In addition to the hotel and parking space, the overall Quackenbush Square development will also include residential units and retail space options to come online as part of later development phases.