$80 Million Investment At 1415 Washington Avenue To Construct 240-Unit Student Housing Complex

September 23, 2021

Project to generate $85 million economic impact during construction and bring additional $4.2 million to local taxing jurisdictions

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Supporting Albany’s world-class higher education institutions and complementing recent investment along Washington Avenue this significant $80 million investment will demolish the 2.85-acre site’s vacant hotel and construct a new five-story student housing complex to include 240 residential units. The project will create at least 300 construction jobs — during construction the project is estimated to generate a county-wide economic impact of more than $85 million.

On Thursday the City of Albany IDA board approved an application to provide assistance to 1415 Washington Property, LLC in the form of New York State sales and mortgage recording tax exemptions and real property tax abatements. Over the next 15 years, the property is estimated to generate $4.28 million additional than anticipated under the site’s current use, upon completion of the project’s PILOT period it’s estimated to generate more than $1.2 million annually.

The project involves the construction of a 414,850 square-foot, five-story residential student housing complex containing 240 residential units  with 560 beds.  The project includes 207 off-street parking spaces.