The area stretching from downtown Albany to the Warehouse District continues to ferment and bubble with residential projects as those neighborhoods slowly change.
Here's a quick update on a couple of projects...
960 Broadway is the former Rodgers Liquor Company warehouse on Broadway in the Warehouse District. Developer Bill Barber has been planning a residential conversion of the property -- with a restaurant space on the first floor -- for the last few years. And the project recently picked up speed after the city of Albany instituted the new mixed-use zoning overlay for the neighborhood, which smooths the way for residential projects along some of the neighborhood's main corridors.
And this week the project go another push: The Albany Industrial Development Agency approved sales and mortgage tax exemptions for the $6 million project. The tax breaks are estimated to be worth about $262k. [Biz Review]
The plan for the building includes 24 residential units upstairs. When we talked with Barber about the project last month, he said they're aiming to have the conversion finished by the end of this year or the first quarter of 2017.
By the way: Barber is also involved with the proposed residential conversion of the Nipper Building just up the street.
99 Pine Street
The site plan for the proposed residential conversion of the upper floors of 99 Pine Street in downtown Albany got approved by the Albany planning board Thursday evening. Officials with the developer behind the project -- Maddalone and Associates -- said they still have to close on the building, but if that happens next month as planned, the project could be complete by summer 2017.
The total estimated cost of the project is $6.7 million. It includes a planned 35 residential units on the upper floors, with amenities including a rooftop deck and dog park (the dog area will be similar those indoor dog park areas that have been popping up in large airports). Maddalone's Chris Maddalone said Thursday they figure rents will range from $1.35-$1.50 per square foot. (Apartment sizes would range from 640 square feet to about 1,000 square feet, according to plans filed with the planning board application.)
Maddalone cited the success the company has had with apartment units it converted around the corner at 522-524 Broadway a few years back, and said they're excited about the potential of downtown Albany.
By the way: Maddalone and Associates recently floated the idea of 20 units of new construction on Dana Ave in Albany's Park South neighborhood. The site is east of New Scotland Ave, on the next block south from the big mixed-use project currently in construction next to Albany Med.
For the project to move forward, the Albany Common Council will have to change the allowable building height from three to four stories for that site. The change is part of package of changes rolled into a proposed extension of the Park South Urban Renewal Plan, which is currently set to expire in July. [TU+]
That extension was up before the planning board Thursday night, and both the president and vice president of the Park South Neighborhood Association spoke generally in favor of it. There was one resident who said she was concerned about how the new building height would affect the amount of sunlight her property along Madison Ave would get.
The planning board vote unanimously to support extending the plan with a new five-year term. It'll be up for a vote at the Albany Common Council meeting June 6.
Thursday night Chris Maddalone said they're hoping to bring the Dana Ave project before the planning board next month.
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