Rehabilitation Project Restores Broadway Buildings and Brings 15 New Apartments to The Warehouse District

July 13, 2018

 

With the redevelopment of 800-806 Broadway completed, property connecting Albany’s warehouse district and the Arbor Hill neighborhood has 15 new one and two-bedroom apartments. A $2 million investment made by developer Patrick Chiou transformed four dilapidated buildings, abandoned for nearly a decade near the district’s southern edge and considered dangerous to enter. An event was held Friday to celebrate the project’s completion.

A significant Downtown Albany Residential Initiative milestone, this project includes the 500th completed unit since the initiative’s inception in 2002. The apartments add to the more than 800 total units completed or currently under construction within the central business and warehouse districts. Having these properties back online signals the growing momentum supported by the Impact Downtown strategic plan. New investment is making its way outside of downtown’s urban core and into surrounding neighborhoods.

This was a project made possible with $1.53 million in financing from the Community Preservation Corporation (CPC), a nonprofit affordable housing and community revitalization finance company. The complete gut-rehabilitation turned a formerly blighting influence into a long-term resource of stable housing. 

CPC supported the project as a construction loan and SONYMA-insured permanent loan financed through CPC’s agreement with the New York State Common Retirement Fund. The Fund, the third largest public pension plan in the country, is administered by New York State Comptroller Thomas P. DiNapoli. Additional support was provided by federal and state historic tax credits.

The gut-rehabilitation of 800-806 Broadway restored the property to its historic standards. The scope of the renovation included installation of new structural elements such as floors and exteriors, electrical, plumbing, flooring, sheetrock, heating, windows and roof replacement, paving, and landscaping. The site includes 800 to 1,000 sq. ft. of off-street parking in two adjacent lots.