$97.3 Million Investment To Reshape South End Neighborhood Developing 166 Multifamily Affordable Housing Units On 64 Vacant Parcels

September 18, 2025

View Announcement Press Release 

Project Will Create At Least 100 Construction Jobs, Bring 62 Newly Constructed buildings To Currently Tax-Exempt Properties

A $97.3 million investment will bring 64 vacant and underutilized land parcels back on to taxable rolls with the new construction of 62 new buildings containing a total of 166 affordable housing units. Made possible with City of Albany Industrial Development Agency (IDA) support, construction is expected to begin in 2026.

The scattered site project, Mosaic South, is a collaboration between the Albany County Land Bank and the Joint Venture of MDG-RNY Real Estate Partners, LLC and Novis Living, LLC.  It will involve the redevelopment of currently vacant and tax-exempt  properties located on Broad Street, Clinton Street, South Pearl Street, Teunis Street, Second Avenue, and Third Avenue.

All of the parcels are located within a half-mile of each other in an historic district. Currently blighted by vacant lots, the project site is also located in an area designated as part of the City of Albany’s previously submitted South Pearl Downtown Revitalization Initiative application to redevelop and revitalize the  neighborhood.

In total the 62 new buildings will be a mix of two- and three-story structures with mostly one-to-three-bedroom units and some four bedrooms.  The project will contain approximately 159,687 sq. ft. of residential space, 1,674 sq. ft. of commercial space and 26,048 sq. ft. of common area. The 166 affordable units will serve income qualifying residents that fall between 50 percent and 80 percent of the area median income. For residents there will be a community room with a central laundry room, and an onsite management office. Housing units will have convenient access to public transportation, the majority of sites are situated within 2 blocks of a CDTA bus service route.

Today the City of Albany IDA board approved an application to provide assistance to South End Second Ave, LLC, in connection with the project, in the form of real property tax abatements. Over the next 30 years, the property is estimated to generate more than $4.5 million in additional revenue to the local taxing jurisdictions than what would be projected under the site’s current tax-exempt status without this investment. Upon completion of its PILOT period, the project is anticipated to generate $607,432 annually to taxing jurisdictions.