Two Downtown Residential Projects Approved By IDA Board

December 19, 2013

On Tuesday, December 19th the City of Albany IDA board approved two significant mixed-use projects on Broadway in Downtown Albany. The projects are located on 412 Broadway and 488 Broadway (the former Arcade building) and upon completion will bring online 100 new residential units and over 100,000 square feet of mixed-use retail and residential space in Downtown Albany. Development of 412 Broadway will be managed by Marc Paquin and Gerry Gauer, and 488 Broadway will be managed by David, Harris and Yahya Sarraf. 412 Broadway will consist of 32 residential rental units with one and two bedrooms and 6,400 square feet of rentable commercial space. 488 Broadway will consist of 68 studio and one-bedroom residential units and 12,000 square feet of rentable commercial space.