Mixed-Use Development to Bring Affordable Housing and New Amenities to Central Avenue Business District

October 18, 2018

Click here to read the announcement’s press release

A new $25.1 million investment will bring 74 affordable housing units, a primary care center and accessible services to 526 Central Avenue through partnership with Whitney Young Health and Equinox. The newly constructed 108,400 sq. ft. five story mixed-use development will strengthen the Central Avenue business district and support 47 permanent jobs and 65 construction jobs — during construction the project is estimated to generate a county-wide economic impact of more than $28 million and more than $5 million annually once completed. Over the next 30 years alone it will generate $5.5 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 The Swinburne Building, LLC in the form of New York State sales and mortgage recording tax exemptions and real property tax abatements. Over the next 30 years the project will generate $5.5 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 $643,502 annually.

The project’s team is comprised of Equinox, Inc., Regan Development Corporation and the Whitney M. Young Jr. Health Center. The newly constructed Swinburne Building will provide 21,400 sq. ft. of commercial space on the first two stories of the building which Whitney Young will use to operate a Whitney Young Health primary care center. Equinox will use office space on the first two floors and a portion of the building’s 74 housing units will be designated for supportive services.