Mixed-Use Apartments Project At 40-48 South Pearl Street Ready To Begin

May 22, 2015

On Thursday, the Albany Industrial Development Agency board approved an application to provide financial assistance for a redevelopment project at 40-48 South Pearl Street in downtown Albany. With the SEQR process already completed, the shovel ready $2.5 million project has made it through the development pipeline and developers Chris Maddalone and Seth Meltzer of Maddalone & Associates will begin to transform the 24,000 sq. ft. property, mostly vacant since 2011, into 16 luxury market-rate apartments combined with street level retail and commercial space this summer. The redevelopment project will take approximately one year, the property is across the street from the Times Union Center and the development team is getting interest from business owners seeing the opportunities, including a nationally recognized restaurant franchise.

“This is an important project because it’s an opportunity to find new vitality for underutilized space that’s in a well-traveled and walkable location,” said Sarah Reginelli, President of Capitalize Albany Corporation and CEO of the Albany Industrial Development Agency. “It aligns perfectly with our Impact Downtown Albany strategy and speaks to the feedback given to us from our strategy partners and downtown stakeholders.”

To learn more read the full announcement press release, click here. You can also read more about this project in the Times Union and Albany Business Review.