$80 Million Investment To Renew Site Of Vacant Red Carpet Inn Into Affordable Housing Development

January 18, 2024

Northgate Landing development to create 200 construction jobs, bring 185 additional units of quality affordable housing to Albany

Press Release


Replacing the underutilized and vacant Red Carpet Inn, an $80.9 million investment will bring a 185-unit affordable housing development to 500 Northern Boulevard nearby the northern edge of Arbor Hill and surrounding neighborhoods. The project will generate additional revenue to local taxing jurisdictions and is estimated to create at least 200 construction jobs. It’s estimated to have a county-wide economic impact of nearly $80 million during its construction alone.

The vacant Red Carpet Inn is a shuttered 48-room motel, its three structures totaling more than 100,000 sq. ft. will be demolished to allow for the construction of two four-story buildings totaling 233,084 sq. ft. The Northgate Landing development will be home to 185 affordable housing units for households with incomes ranging from 30 to 80 percent of the area median income. On-site amenities for its tenants include a fitness center, community room, bike storage and nearly 200 parking spaces.

On Thursday the City of Albany IDA board approved an application to provide assistance to Northgate Landing, LLC, a subsidiary of Rochester-based Conifer Realty, LLC. In the form of real property tax abatements. Over the next 30 years the property is estimated to generate more than $4 million in additional revenue to the local taxing jurisdictions than what would be projected under the site’s current state without this investment.