$17.9 Million Investment To Transform 413 North Pearl St., Bringing 80 Apartments To Albany Warehouse District

March 18, 2021

Following the Success of Its $80 Million Downtown Investment, Redburn Development Focuses on Next Major Development

View the announcement’s press release here

Redburn Development Partners is moving forward with an historic redevelopment project at 413-25 North Pearl St. after experiencing strong demand for nearly 300 recently completed apartments as part of its $80 million investment in downtown.

With support from the City of Albany Industrial Development Agency, Redburn’s latest $17.9 million undertaking will boost revenue for local taxing jurisdictions, create at least 75 construction and 2 permanent jobs, and bring 80 market-rate residential apartments and 13,500 sq. ft. of commercial space to the warehouse district. Construction is expected to begin in spring of 2021 and conclude in early 2022.

On Thursday, the City of Albany IDA board approved an application to provide sales and mortgage recording tax exemptions to 413 North Pearl Assoc., LLC. 

The project involves the historic redevelopment of a four-story 90,000 sq. ft. warehouse at 413-25 North Pearl St. into 80 market-rate residential apartments and 13,500 sq. ft. of commercial space. It will also include 54 off-street parking spaces.

Work will involve modern-industrial finishes, installation of new floor-to-ceiling factory windows, and significant site improvements – including increased green space. Exterior improvements and the addition of greenery will support walkability along Broadway.