$4.3 Million Investment to Transform Vacant Office Building into Newly Renovated Multifamily Apartments
November 16, 2023
28,000 Sq. Ft. Commercial Office Building to be Converted into Multifamily Apartment Units Supporting More Than 40 Construction Jobs
A 28,000 sq. ft. commercial office building will be converted into 25 market rate apartments at 102 Hackett Boulevard between Marwill Street and St. James Place. In 2021, the building became partially vacant and was fully vacated in 2023 after attempts to attract new tenants. The currently underutilized space is now being acquired by Antonio Manfredi of Midtown Albany, LLC. This will be the developer’s seventh City of Albany project.
Made possible with City of Albany Industrial Development Agency (CAIDA) support, the $4.3 million project is projected to create 40 construction jobs and is planned to be completed in late-2024.
Building amenities will include a shared workspace to support tenants engaged in remote or hybrid employment, a fitness center and bike storage. The building is designed to be fully-electric to support improvements in energy efficiency. The site already possesses parking, stormwater facilities, and offers the opportunity for multimodal transportation options allowing tenants to access nearby employment, shopping and recreation.
On Thursday the CAIDA board approved an application to provide assistance to Midtown Albany, LLC. In the form of New York State sales and mortgage recording tax exemptions and real property tax abatements. Over the next 20 years and once the multifamily conversion is completed the property is estimated to generate more than $220,000 in additional revenue to the local taxing jurisdictions than what would be projected under the building’s current state without this investment. Upon completion of the project’s PILOT-period it is estimated to generate $102,891 annually for local taxing jurisdictions.
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