$25 Million Mixed-Use Housing Development, Swinburne Building Completed At 526 Central Ave. In Albany

July 21, 2021

Today marked the completion of a $25 million mixed-use housing development at 526 Central Ave. in Albany. The Swinburne Building and Swinburne Apartments offers 74 affordable apartments and nearly 21,000 square feet of commercial space for health services and retail. The development includes 20 supportive homes for individuals with serious mental illness or other special needs.

The development is a joint venture between Regan Development Corporation and Equinox, Inc., with substantial investment by Regions Affordable Housing. The project site, which was vacant and a former Albany police station, was purchased from Capitalize Albany Corporation which completed an extensive environmental remediation effort with support from the Albany Community Development Agency to prepare and market the site for redevelopment.

The project was made possible with City of Albany Industrial Development Agency assistance in the form of New York State sales and mortgage recording tax exemptions and real property tax abatements. It is expected to generate more than $5.59 million additional in revenue to local taxing jurisdictions over the next 30 years than anticipated without this new investment and upon completion of the project’s PILOT period, it is expected to generate $643,502 in tax revenue annually.

State support for Swinburne Apartments included $3.4 million in permanent tax-exempt bonds, federal and state Low-Income Housing Tax Credits that generated $12.4 million in equity and an additional $7.8 million in subsidy from HCR. 

Swinburne Apartments is conveniently located near public transit, a public park, retail stores, restaurants and other services. The ground floor features a new primary care and behavioral health facility operated by Whitney Young Health in partnership with Equinox, Inc., a Lab Corp Diagnostic Testing facility, a local grocery store and a beauty salon. The second floor will be an office suite housing Equinox’s domestic violence outreach and housing services, health home care management, human resources, and the development and marketing office.  

The majority of the apartments are affordable to households earning at or below 60% of the Area Median Income with nine apartments for households earning at or below 100% of the AMI. Amenities include laundry facilities, bulk storage, a fenced-in playground, bicycle racks, and a community room with kitchenette.  

Residents of the supportive units will have access to onsite services provided by Equinox, Inc., including case management, individual and group therapy, medication therapy, a Personalized Recovery Oriented Services program, respite/diversion beds, outpatient mental health clinic services, and substance abuse assessment, treatment and management. Rental subsidies are funded through the Governor’s Empire State Supportive Housing Initiative and administered by the NYS Office of Temporary and Disability Assistance.

Amenities for residents include laundry facilities, bulk storage, a fenced-in playground, bicycle racks, and a community room with kitchenette.