Renewal of Dana Ave Properties Furthers Park South Revitalization Confirming Promise of Neighborhood Plan

September 20, 2018

Click Here To View The Announcement’s Press Release

The Reserve at Park South, a 30-unit, 40,000 sq. ft. apartment building has risen between New Scotland Avenue and Knox Street at 85 Dana Ave. The completion of this independent new construction project marks a significant Park South Urban Renewal Plan implementation milestone — and with additional projects in the pipeline redevelopment is continuing beyond blocks east of where Albany Medical Center and Tri-City Rentals collaborated on 268 new market-rate apartments on Morris Street and Dana Ave. A project made possible with support from the City of Albany Industrial Development Agency, the $5.1 million investment greatly increases support to local taxing jurisdictions as it’s to pay more than double received in taxes prior to the investment in its first year alone.

Over the next 20 years, the properties are estimated to generate $1,358,542 to the local taxing jurisdictions — an increase of more than $1 million or more than five times the revenue anticipated to have been collected without this new investment. Once its PILOT agreement concludes the project is projected to produce $196,923 in real property taxes annually.

Now leasing, an open house is scheduled for Sept. 22 from noon – 2 p.m. The project’s site was composed of four vacant parcels and three buildings which were demolished. There are 25 parking spots available for residents. The Reserve at Park South features diverse floor plans that range from 841 sq. ft. to 1076 sq. ft. Amenities include smart apartment controls, high video security, a 1,300 sq. ft. rooftop terrace, and more.

In 2006 the Park South neighborhood faced a period of disinvestment, dramatically declining quality of life and escalating public safety issues. Local leaders took an unprecedented step in declaring the area an Urban Renewal District and worked with the community to create a parcel-by-parcel revitalization plan. Now just beyond a decade’s worth of implementation, more than $600 million of investment has taken shape and the Park South Urban Renewal Plan has supported and guided this neighborhood’s transformation. During its 2016 annual conference, the International Economic Development Council recognized the Park South Urban Renewal Plan awarding the Plan for Excellence in Economic Development.

The revitalization plan was managed by the City, Capitalize Albany Corporation and the Albany Community Development Agency. Execution of the Plan has been aggressive and true to vision, with significant public/private partnerships put into place. Projects have included multifamily affordable housing, infill residential rehab and construction, market rate multifamily construction, and commercial office and retail products. Albany Medical Center has been a critical anchor institution with more than $400 million of direct investment that’s actively strengthening the neighborhood’s momentum. Other key catalytic a investments include the $12 million historic rehabilitation of 18 row-homes along Albany’s Knox Street, and 120,000 sq. ft. of new office and retail space along New Scotland Avenue.