The first group of Park South redevelopment apartments are renting -- and there's a Chipotle going in there

park south redevelopment apartments morris street

Apartments in the Park South redevelopment area along Morris Street (looking west).

A milestone in the ongoing $110 million redevelopment project in Albany's Park South neighborhood: Apartments in the development are now for rent and some are already occupied.

The first group of residential units became available July 1, according to Julie Knox, the sales and marketing manager for Tri City Rentals. She said that as of August 1, a total of 60 units will be in operation and a majority of them are already rented.

The big redevelopment project next to Albany Med -- which includes a medical office building, a parking garage, residential, and two mixed-use buildings with retail along New Scotland Ave -- will eventually have 268 residential units. The apartments currently in operation are in the low-rise buildings along Morris Street. Knox said another batch of those units will be available September 1, and the apartments in the high-rise mixed-use building along New Scotland will be available in November.

Rents start at $1,250 per month for a 735-square-foot one-bedroom unit. Two-bedroom units start at $1,750. (The high-rise buildings will also include 593-square-foot studios for $1050.) That first link above has floor plans and rent info.

Knox said Tri City has been getting inquiries from prospective tenants since construction started, and the company only recently started advertising that units are available.

park south redevelopment mixed-use rear 2016-July
The rear of the first mixed-use building on New Scotland Ave.

Retail spots and Chipotle
Here's a bit of news about the retail space in the redevelopment project: The corner retail spot in the first high-rise building -- at New Scotland and Morris -- will be occupied by Chipotle. Knox said the burrito chain is set to open there sometime this fall.

It will be, by our count, Chipotle's seventh location in the Capital Region. And the first to open here in almost five years (and the first in the city of Albany).

If you've been by the project site, you've probably seen the Bank of America signs in the retail space at the corner of Myrtle and New Scotland. The branch that's still operating in its old building just a block away in the redevelopment site is set to move there. And it will also be joined by a Bellini's Counter, the fast-casual version of the local Bellini's Italian restaurant chain.

Earlier on AOA: Gawking at the progress of the Park South redevelopment project

Comments

it's been almost ten years since I rented so I'm sure I'm out of touch but huh. $1250 for a one bedroom apartment (are washer/dryers in units?) is far cry from what I paid at the time for a two bedroom half house with a full basement (With parking too!) on upper Western ave. I'm glad that Albany is on the upswing but I wonder who the demographic is for these places..I'm guessing medical residents?

Too bad, I don't see any affordable housing as part of it.

@Rebecca - No clue what the demographic is, but it does seem to be the going rate in this part of town. I live a few blocks east at Madison and Lark where there are a lot of apartments in that price range.. Some are brand new units and, no, the washers and dryers aren't in the units (shared coin-op in the hall on each floor). Others are rehabbed older buildings with no washers and dryers at all since I see the residents hauling laundry to the laundromat by Lark Tavern.

Washer/dryer in the units, gym, covered parking. Similar developments in the area include cable/Internet with the rent too, don't know if this does. So you're getting around $300 in amenities. It's also a great area to live, lots of walkable entertainment, seconds away from 787.

What's affordable housing in the context of brand-new construction? I'd love to see $700 apartments too but those days are mostly behind us...

I echo Rebecca's thoughts. These are obviously marketed towards the medical students and doctors at the hospital. $1250 for a one bedroom in that area is a bit crazy.

I walked around Myrtle & Morris this morning and was pleasantly surprised. As a nearby homeowner, this development and construction has been stressing me out for awhile. And while I believe there is still a lot of work to be done to make the area truly livable and give it a sense of place, I am optimistic about where things are headed. I would love to see this truly become a live/work/play neighborhood. I don't think people realize just how perfect of a location Park South is - a few blocks from Lark Street and Washington Park and a short bus ride or bike ride downtown or Upper Madison or Delaware Avenue.

And I forgot to mention a short walk to New Scotland Ave too!

Oh thank goodness, the city needs another $1250+/month apartment complex.

While I agree with the other comments that this seems excessively high rent for such a small space. I'm coming to learn that a lot of my millennial peers strongly disagree. A lot of people I know and work with would rather pay rent and have someone else fix any and all problems. They want to live somewhere with ammenities and that's labeled as "luxury." Given the proximity to the Medical Center, Law School and Pharmacy School, I have zero doubt that these buildings will be full in short order.

While it's unfortunate that it's displacing lower income brackets from the area, it's also attracting residents back to the city, which, as a homeowner in Pine Hills, I welcome since more people equals more business opportunities, more development and ultimately a better quality of life.

In the meantime, I'll gladly keep paying roughly this same amount per month for my 1500 sq ft. house while building equity.

But you can LIVE ABOVE CHIPOTLE, guys! :)

Chipotle customers can take comfort in the fact that they will be close to the ER...

I lived in this neighborhood in the last 3 years. Rent for a two bedroom w/ laundry and off-street parking was $1000. And this was a house with mid-range finishes, stainless steel appliances, beautiful finish woodwork and hardwood floors. Gorgeous custom radiator encasements. And a full basement for storage.

Personally, I'm happy to pay NYC prices to live in, ya know, NYC. Not Albany.

I'm paying $1150 for a 2 bedroom 4th floor walk up in an older brownstone on state. I'm sure I'd be even higher if we had an elevator.

People are complaining that people WHO HAVE MONEY will live in these apartments? This is bad?

I bet local businesses won't be complaining.

Last time I checked folks, people with money to spend is a good thing for any community.

Everyone is focusing on the wrong part of this article. CHIPOTLE IN ALBANY!

In case you guys didn't know, market rent in decent neighborhoods in brooklyn is $3400 a month for a two bedroom with no washer dryer and no parking. Compared to NYC Albany is a bargain. Here comes the gentrification, and as a home owner I welcome it. I'd like to see the rot of Albany disappear. The politicians aren't doing it, they'd rather have section 8 housing. Maybe if we get some wealthy people moving in here they'll start voting out the parasitic elites who've been governing Albany since the days of Corning. Finally good news!

> While it's unfortunate that it's displacing lower income brackets from
> the area, it's also attracting residents back to the city,

Hmmm, I wonder if there is a word for that...

I'm not complaining about the rent per se, it's just my observation that Albany salaries don't seem to be proportionate to these rents. Suggested debt to income ratio for your monthly housing expense is 28% of your income before taxes. This would be around $54,000 (28% of $54,000 is $15,120 a year divided by 12 is 1260/month) . Is that affordable rent of a typical millennial with student loan payments and/or a car payment? (not to mention what are these "starter" jobs that a recent college grad would get that pays $54,000 a year? Not that it's Zuckerberg money, but it's a pretty decent income) It's a one bedroom, so kind of hard to have a roommate. I'm guessing these are apartments that will house transient residents from elsewhere (medical students, residents etc) who aren't setting down roots to live here. Is it bad that these will be fully rented? No, of course not. Again, just me wondering who is the target market for these places.

And we simply cannot compare Albany rents to NYC/Brooklyn rents. Apples to oranges. I love Albany, but we ain't the Big Apple.

>In case you guys didn't know, market rent in decent neighborhoods
> in brooklyn is $3400 a month for a two bedroom with no
> washer dryer and no parking.

This reminded me of an equally poorly thought out sign that used to be on a building at the corner of Lark and State a few years ago: "These apartments would be worth $4 million in NYC!". Uh, yes, Captain Obvious, *in NYC*.

@brainiac

In regards to your comment: "The politicians aren't doing it, they'd rather have section 8 housing. Maybe if we get some wealthy people moving in here they'll start voting out the parasitic elites who've been governing Albany since the days of Corning."

City Administration, representatives of the council, the planning board, and the zoning board were all instrumental in developing the Park South Urban Renewal Plan that served as the framework for this development. That blueprint was also modified, like it or not, for taller buildings and a larger garage. The plan required a change in zoning, site plan and development review, traffic and infrastructure improvements, and a significant push for new stormwater and sewer facilities. To say that "Politicians aren't doing it is absolutely ridiculous. This project had several "politicians" from two different administrations working to make sure if got off the ground. Finally, check out the tax and PILOT breaks this project got so it could be competitive and those triple net leases could be attractive. Want to criticize the city IDA for doing TOO much?

Second, to say "they'd rather have section 8 housing" is ridiculous. Do you even know how section 8 works? It's a voucher program for privately owned housing. Of the 1000+ new apartment units privately developed in the city in the last five years (many with subsidy from the city IDA), the only projects with affordable housing components (Senior housing, mostly) were driven by their developer - not the City. If anything, the city could be criticized for NOT influencing the construction or requirements to construct affordable housing into larger market rate projects. Take that one step further - affordable housing requirements on development aren't even considered as part of the city's first comprehensive zoning code overhaul since 1968.

Keep knocking down blocks of tax paying houses to build buildings getting tax breaks for 20+ years. And people wonder why the city is broke. No big deal, the administration will keep blaming the workers. Oh yeah, I wonder if all this construction had anything to do with the massive sink hole???

I wonder if the apartments have extra insulation to block out ambulance sirens and helicopter noises. Not trying to be funny, just realistic.

I think it is amusing that people are arguing that this (or any) Albany project have an "affordable housing" component. This ain't Brooklyn. There is a ton of affordable housing available all around the project that I would certainly deem affordable including the nearby massive Sheridan Hollow project (http://alloveralbany.com/archive/2016/03/31/checking-in-on-the-redevelopment-of-sheridan-hollo).

I hope that one day affordable housing is an issue downtown, but today is not that day. In the meantime, trying to extract "affordable housing" concessions from developers only discourages investment.

Amazing that people think $1250 is comparable to a New York City rent.

A lot of people can afford these higher than average rents. One-bedrooms can still house couples with two incomes. Many graduate students supplement their wages with student loans and can live quite well. I wouldn't rack up that much debt, but others do, and if you're a medical student, I can understand that if you're salary will be close to six figures or more when one graduates. I can understand the concern that these apartments are not very affordable for families. However, there seems to be a new concerted effort to develop quality affordable housing in the city. The Sheridan Avenue project is very large, and it seems like it's not going to end there. There are hundreds of vacant lots in West Hill, Arbor Hill, and in the South End where projects like that will continue and I bet plans are in the works for those neighborhoods. The median household income of Albany is only around $40,000 a year. The city could stand to gain some middle class and higher income residents so that we can have more retail and nicer things in the city. I would love to not have to drive to Wolf Road for shopping.

@Herbert: If you can't afford it, it may as well be.

Since this sparked some discussion on affordable housing, here's a nice interactive tool about the economics of affordable housing.

Any update on the Chipotle here?

Another chipotle fan - can AOA do a follow up??

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