Morris Street Apartment Building Poised to Further Park South Revitalization

October 18, 2018

Read more in the announcement’s press release here 

An important element in Park South Urban Renewal Plan implementation, this $5.3 million investment will remove neighborhood blight through construction of a new five story building with 28 market-rate apartment units. Creating two permanent and 40 construction jobs — during construction the project is estimated to generate a county-wide economic impact of more than $7.3 million and $1.3 million annually once completed. The investment in the property will boost its revenue produced to local taxing jurisdictions more than eight times.

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 Morris Place, LLC in the form of New York State sales and mortgage recording tax exemptions and real property tax abatements. Over the next 18 years, the property is estimated to generate $855,644 to the local taxing jurisdictions, more than eight times what is projected under the site’s current use, upon completion of the project’s PILOT period it’s estimated to generate $158,715 annually.

This project involves the demolition of the site’s existing apartment building and the construction of a five story apartment building, with indoor parking for 16 cars. The building will feature four floors of apartments above, containing a total of 28 residential units, there will be seven units per floor consisting of five one bedroom, one two bedroom and three studio apartments.

Construction of this building follows the recent completion of 30 new units of apartments at the Reserve at Park South (85 Dana Ave), a Park South Urban Renewal Plan implementation milestone, signaling 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. Several years ago as 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.