Steuben Place Apartments Unveiled

October 26, 2015

Steuben Place - Sarah Reginelli 1The City of Albany, Omni Development Company, Inc. (Omni), Capitalize Albany Corporation, the City of Albany Industrial Development Agency, and Downtown Albany Business Improvement District (BID) held a grand opening of the Steuben Place Apartments, located at 40 Steuben Place (58 N Pearl Street), on Monday, October 26, 2015 at 10:30 AM. Albany Mayor Kathy M. Sheehan and Mark Aronowitz, vice president real estate services for Omni were joined by Sarah Reginelli, president of Capitalize Albany Corporation and CEO of the City of Albany Industrial Development Agency, Georgette Steffens, executive director, Downtown Albany BID and Chris Leo, vice president of NYS Homes and Community Renewal’s Office of Community Renewal formally opened the residential conversion.

The project is Omni’s first market-rate residential project. The $4.9 million mixed-use conversion turned a vacant Class C office building into 29 studio, one bedroom and two bedroom units with ground-level retail space. Using the historic property as the framework, the company incorporated modern design elements. As part of Governor Cuomo’s Regional Economic Development Council Initiative, the project received New York State Main Street Grant monies which resulted in three affordable units, with additional funding made available through Berkshire Bank.  New York State Homes and Community Renewal’s (HCR) New York Main Street Funds were granted to Capitalize Albany to help renovate the commercial space as part of the fourth round of the Regional Economic Development Council Initiative.

This project was also made possible in part due to financial assistance provided by the City of Albany Industrial Development Agency in the form of mortgage recording, sales and real property tax abatement.

“The momentum in Albany is undeniable,” said Reginelli, president of Capitalize Albany Corporation and CEO of the City of Albany Industrial Development Agency. “We are thrilled to have Omni stepping into the Downtown residential arena and providing mixed-use opportunities during a critical growth period for both the residential and retail markets. As implementation of Impact Downtown Albany continues, we are capturing Albany’s potential through dedicated stakeholders like Omni Development, support from our economic development partners, and Governor Cuomo’s visionary understanding that creating strong urban centers leads to regional economic growth.”

To view photos from the event, visit Capitalize Albany Corporation’s Facebook page here.


$4.9 million Steuben Place Apartments filling up in downtown Albany


Steuben Place Apartments unveiled as the newest residential conversion in Albany


Times UnionPhotos: Steuben Place Apartments