Construction Update: Albany is on ‘The RISE’
June 20, 2025
As we step into the summer and the second half of the year, nearly $50 million in new investment is progressing as Jankow Companies furthers its construction and launch of two major Albany endeavors that will add to its The Rise apartments brand.
First, in downtown Albany, Jankow Companies is finishing construction and has begun leasing at its first downtown Albany multifamily residential development. Two additional floors have been added to the previously vacant 21,000 sq. ft. three-story office building located at 48 North Pearl Street. When completed, the property will feature five stories with 20 apartment units and 14,000 sq. ft. of retail space.
Capitalize Albany staff enjoyed a tour in early May as The Rise | Downtown was nearing completion, with final touches being made, including flooring, countertops, and tile installation.
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Residential units were completed from the top down, with the fifth floor finished over the last few weeks. All apartments will be ready this month for tenants to start moving in, and residential leasing is underway. The second floor is commercial space and home to Farrell Fritz Attorneys.
The building itself is not historic, however, Jankow Companies aimed to preserve the traditional character of North Pearl Street through window refurbishments and exterior enhancements, as the building is still located in Albany’s historic overlay district.
The $8.1 million project was made possible with City of Albany IDA support and is anticipated to produce more than $550,000 in additional revenue for local taxing jurisdictions over the next 20 years. It was projected to create at least 80 construction and 18 permanent jobs.
Construction Progresses at The Rise | Midtown Square
Meanwhile, at The Rise | Midtown Square, located at 563 New Scotland Ave, Phase II of construction continues to progress. When complete, the 3.1-acre parcel will be home to 188 residential apartment units, including tenant amenities such as a pool, theater room, fitness center, 255 surface and garage parking spaces, and 15,000 sq. ft. of retail space.
Apartment tenants and retail employees will also have various transportation amenities, including access to the CDPHP Cycle bike share and free, unlimited CDTA bus rides.
The community consists of a five-story building with a mix of apartments and retail space, two four-story apartment buildings, and a two-story multifamily structure.
Building A, the site’s five-story building, is complete and actively leasing, while Building D, the site’s two-story building, is in its final construction phase, with countertops, flooring, and tile installations nearly finished. Completion of Building D is expected by mid-June. The four-story buildings B and C are still in early stages, with footers, walls, and framing underway. Retail space is full in the main five-story building, with Bombshell Midtown, Frank Gallo Florist, Starbucks, USPS, and Primo Hoagies open for business. The final tenant, Bloom Boutique Bar & Eatery, will launch this summer.
Photo taken June 6 at Bombshell Studio Midtown’s ribbon cutting, a Capitalize Albany Building Improvement Grant program awardee.
The entire development is projected to be complete by early 2026. Its Phase II is underway, and the project is being constructed in three phases. It was made possible with City of Albany IDA support and was projected to create at least 85 construction jobs. Over its PILOT period, the project will generate $8.4 million additional revenue for local taxing jurisdictions.
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