Table of con
Messages from Mayor Sheehan and Board Chair Michael Castellana
2014-2015 Project Activity
Citywide Investment Map
Staff and Board
“Albany’s current momentum is unprecedented.” This has been an exciting year of new investment in the City of Albany. Capitalize Albany Corporation is an organization that is truly capturing Albany’s potential and harnessing its momentum. In reflection of this year I’m impressed, but not surprised by what has been achieved through implementation of the Corporation’s strategic initiatives, the work of our dedicated stakeholders, and the City’s partners in economic development. For more than three decades, the work of Capitalize Albany Corporation has elevated the City of Albany and the Region. With recent initiatives underway such as Impact Downtown Albany, we’re seeing unprecedented transformation occur in our neighborhoods, our downtown is thriving, and our commercial districts are being strengthened.
As active and progressive organizations, community and business leaders, we are always searching for that next spark we know will ignite future economic and community growth across the Capital City and the Region. We must continue to be more creative, resourceful and most importantly, we can’t wait. Albany’s current momentum is unprecedented. When you think about Albany’s greatest assets; a burgeoning downtown; a booming tech sector; diverse and historic neighborhoods; some of the finest educational institutions in the nation, we have an arsenal of tools and resources to utilize in furthering our Capital City’s growth.
Building for tomorrow and guiding our City’s development initiatives, Capitalize Albany Corporation is integral to Albany’s economic growth. I look forward to another year of opportunity and results.
This past year our strategies and aggressive tactical plan have proven to attract new investment. Building a strategy and meaningful relationships leads to a better Albany. Let this publication serve as a case study, an example of best practices and a reminder of our increased momentum as we continue building for tomorrow.
Kathy M. Sheehan Hon. Mayor
Michael Castellana Chair, Capitalize Albany Corporation
Investing in the future. 2
A catalyst for economic growth, Capitalize Albany Corporation facilitates transformational development projects, serving as the City of Albanyâ&#x20AC;&#x2122;s economic development organization. A registered 501(c)(3) not-forprofit organization implementing programs and resources to create, retain, and attract business in the City of Albany. Powered by investors composed of Albanyâ&#x20AC;&#x2122;s community and business leaders, Capitalize Albany manages and coordinates all local economic development functions. 3
Capitalize Albany develops critical resources and partnerships.
Building strategies, relationships & projects that inspire investment This momentum has created a strong, economically viable community bustling with activity and thriving businesses.
lbany is composed of the nation’s finest educational institutions, a supported creative economy, walkable urban centers, bustling commercial metro districts, historic neighborhoods, leading institutions in health care and is the hub of New York’s Tech Valley.
neighborhood, community, local economy and built environment. The Corporation does this by matching
The Capital City serves our State and the Capital Region as a contender for global talent. Capitalize Albany leverages these resources to capture new investment. When Albany
In 2015, Capitalize Albany was pivotal in developing the Capital 20.20 Plan, the Capital Region Economic Development Council’s new transformative strategy. As the
Each project discussed in this publication is guided by a goaloriented strategic plan and developed with public input. Albany’s
the City’s success determines the region’s success. Capital 20.20 positions Albany to achieve its potential and capture its share of the global market.
year’s activities demonstrate what can be accomplished when a vision is identified and partners rally to implement set strategies.
thrives, that investment drives momentum across the Region.
Capitalize Albany Corporation works with business owners and developers on each project individually to determine specific needs, to develop tailor-made appropriate assistance packages and enhance a project’s direct positive impact on the surrounding
the right projects with the right tools and resources, and
provides businesses with what they need in order to foster business growth and job creation in the City of Albany.
economic heart of the region,
true potential. Capitalize Albany and its strategic partners are building communities through revitalization, adaptive reuse and innovative strategies, and building relationships to foster future investment by businesses and institutions that create jobs, and elevate the City.
current momentum is fueling unprecedented growth. This
It is the acumen, creativity and relentless efforts of this team, acting in partnership with countless stakeholders and guided by its strategies that initiate catalytic projects unlocking the City’s
This tactical urbanism event showcased Downtown’s retail potential.
Building Momentum The team at Capitalize Albany takes an integrated approach to economic development. All of our activity is built on a foundation of data-driven strategy. National trends are putting a renewed focus on walkable, vibrant urban settings. In today’s landscape a focused market-driven strategy and collaboration is key to harnessing downtown Albany’s momentum and potential.
Renaissance Albany A world class hotel opens on historic State Street.
Impact Downtown Albany is a first-of-its-kind, fully comprehensive, action-oriented, market-driven strategy for downtown. The plan was developed by Capitalize Albany Corporation with substantial input from local stakeholders. Implementation of the Impact Downtown Albany strategy began in 2014. It’s fueling the current momentum seen and the opportunities ahead for the City of Albany.
SUNY System Administration
Downtown Albany community & business leaders join SUNY to reopen Plaza lawn, main entrance.
North Pearl Street
The commercial core of Downtown is alive with activity.
BM&T Management opened its first downtown location and first Mexican restaurant.
Impact Downtown Albany creates a shared definition of success & a roadmap to achieve it
Albany’s newest neighborhood is being elevated to the next level
ince its release in November 2014, Impact Downtown has been fundamentally changing the way the region approaches downtown development. The strategy served as a core guiding document for the creation of the Capital 20.20 Plan. Impact Downtown built the framework for Metro revitalization through its market research, prepared catalyst projects, and inventory of needed resources.
Capital 20.20 states, “Experience has shown the efficiency and effectiveness of investing in urban cores - vibrant and healthy cities are critical to the economic development of any region.” The Plan’s Metro section prioritizes downtown development and matches Impact Downtown catalyst sites with developers, resources, and prospective tenants to build on current momentum and move aggressive projects forward. Transformation and activity is already taking place attributable to Impact Downtown. Implementation has been underway and downtown Albany is experiencing unprecedented growth with more than $250 million of project activity recently completed and underway. Impact Downtown grew the Downtown Residential Initiative by more than 150 multi-family units
Recent investment 14 in Downtown has billion totaled more than $
between 2014-2015, doubling the previous investment. Office and retail space is filling up along Historic Wellington Row as its redevelopment continues. Downtown’s new Renaissance Albany along Wellington Row opened in October, joined by yet another internationally recognized Marriott hotel brand as the 74 State Hotel was transformed into a Fairfield Inn & Suites. This occurs ahead of the Albany Capital Center’s finished construction in 2017, which is expected to bring more than 85,000 convention visitors to downtown annually. Development is on the rise in the Warehouse District. This eclectic district is now home to a unique nightlife destination, a brewing and distilling cluster, and a growing hub of software and customer service firms.
Residential Development is Booming
Downtown’s first condo project sold its final unit in 2015.
The Corporation has been at the forefront of building downtown living. Momentum is building, the initiative is expanding. Research and analysis as part of an Impact Downtown Albany study of the housing market demonstrated the need to grow the local residential population even more through a focused tactical plan. As of 2015 more than $40 million has been invested into downtown residential properties and more than 300 new units have been created. Key partners are beginning to diversify and grow downtown’s economy through a focus on residential conversion. More than 365,000 square feet of residential space has been converted in downtown since 2011 and over 550 residential units are currently in the pipeline, with 1,000 more coming as part of the Capital 20.20 Plan.
expanded to a new location in the Warehouse District using our site selection assistance.
Seizing the Opportunities Market-driven office and retail job growth in downtown Albany will produce more than 2,600 permanent new jobs, $136 million in labor income, and nearly $400 million in economic output annually over the next
Feature Project: SCiTI Center With assistance from the Governor’s Regional Economic Development Council initiative, Capitalize Albany Corporation, the City of Albany Industrial Development Agency and the SUNY College of Nanoscale Science and Engineering have transformed Kiernan Plaza into the Smart Cities Technology Innovation Center (SCiTI Center). Today the SCiTI Center serves as an urban catalyst for business innovation, economic vitality and educational outreach. CHA Consulting, SEFCU Credit Union and Windstream Communications are all examples of investment catalyzed through this space.
developers are currently working on transformational projects in downtown Albany.
decade. On top of this, market-driven real estate construction downtown will have one-time impacts of 2,300 new jobs, $129 million in labor income and $465 million in economic output over ten years. This will only be increased through the power of Capital 20.20. Tactical Impact Downtown Albany initiatives outlined such as pop-up programming, engaging in collaborative partnerships to increase business and retail recruitment, developing and improving businesses’ access to incentivizing grant programs and more collaboration with the Downtown Albany Business Improvement District are already being implemented, working towards achieving downtown Albany’s full potential and the vision outlined for downtown by City stakeholders.
is popping up throughout Downtown.
A New Chapter Opens As the residential population grows, this mix of people will catalyze downtown’s future through increased activity beyond the workday into evenings and weekends, and its market appeal will only grow further. In addition to downtown’s housing market, economic specialists analyzed downtown’s emerging market potential for office and retail space. Their demand projections and market positioning recommendations provide specific guidance on what types of development downtown and its adjacent warehouse district will be competitive for over the next decade.
Local activity is building neighborhood connections to the redevelopment process.
Building Community Through targeted strategies, we have worked with partners to redevelop vacant and abandoned properties, build healthier, better neighborhoods and develop residential opportunities throughout the City of Albany.
This $5.1 million project includes 29 residential units and 2,500 square feet of commercial space.
Construction is underway for this neighborhood revitalization project.
The Cityâ&#x20AC;&#x2122;s neighborhoods and communities have evolved and each one retains its own unique characteristics and amenities. Uptown Albany is the place where innovation, creativity and education come together as UAlbany and SUNY Poly create jobs, bring the talent and catalyze development. Midtown houses some of Albanyâ&#x20AC;&#x2122;s largest employers and community drivers, but still features a walkable community, neighborhoods and a sense of home. As our downtown and its central business district continues to see new investment, its surrounding neighborhoods are experiencing a renaissance of their own as housing develops and properties are brought back to life.
246 housing units will result from the successful renovation of three scattered-site complexes.
Huck Finn’s Playland A regional treasure relocated to the Warehouse District.
$110 million development of Park South tells a story of public-private partnership
Anchor projects are revitalizing Albany’s diverse neighborhoods
ommercial investment is driving growth throughout the City - $14.2 billion at SUNY Poly, $500 million at Albany Medical Center, and $750 million in Downtown are examples. These investments are stabilizing neighborhoods and drawing tens of thousands of employees, visitors, and new residents to our authentic communities.
Walkability at its Finest As $110 million worth of investment into the Park South neighborhood takes shape with a game-changing mixed-use development project underway, just half a mile away construction has begun at 25 Holland Avenue to support an expanding neighborhood and catalyze further investment. These two important projects tell a story of Albany’s revitalization. Delaware Avenue is the main corridor of one of Albany’s most vibrant neighborhoods, and Holland Avenue leads to some of its largest institutions in University Heights including Albany Medical Center, Stratton VA Medical Center, Albany Law School and the Albany College of Pharmacy and Health Sciences. The Gallery on Holland, 25 Holland Avenue is a $22.9 million market-rate apartment complex set for completion in 2016. It will feature 125 market-rate units and 170 structured parking spaces.
Neighborhood investment has reached
1 billion $ 10
Where Innovation Drives Development Institutions of the Capital City like UAlbany and the SUNY Polytechnic Institute call Albany’s Uptown neighborhood their home. In accordance with the vision and leadership of Governor Andrew Cuomo in building New York’s innovationdriven economy, these institutions continue to leverage their resources, creating partnerships in business and government. With more than $24 billion in high-tech investments, SUNY Poly represents the world’s most advanced university-driven research enterprise.
Aspen at Albany
$27.5 million is anticipated to be invested to create a luxury student housing complex on Washington Avenue.
As SUNY Poly continues to expand its reach across New York State and into urban communities through its work, a stream of new outside talent will continue to make its way to the Capital City. Spurring development, SUNY Poly’s Fuller Road campus and the neighboring University at Albany campus will see a new nearby privately developed luxury student housing complex on Washington Avenue in the coming year to accommodate Uptown Albany’s growing student population. Aspen at Albany, a $27.5 million project made possible by the assistance of Capitalize Albany Corporation and the City of Albany IDA, the more than 180,000 square foot, four story complex with 145 parking spaces will feature 21st century amenities, will be fully furnished and marketed to students attending local Albany colleges and universities.
Strengthening Downtown Neighborhoods
A product of $191 million in investment, this 356,000 square foot mixed-use clean energy facility welcomed its first tenants in 2015.
Adjacent to downtown, the Sheridan Hollow neighborhood is currently undergoing a transformation that will be completed in the coming year. The project, made possible through assistance by Capitalize Albany Corporation, the City of Albany IDA, New York State Homes and Community Renewal and the New York State’s Regional Economic Development Council initiative, is developing a core for the neighborhood.
Feature Project: Park South Key community partners came together to build the vision for Park South. The current $110 million redevelopment is a defining moment for the community, revitalizing what once was one of the City’s most economically distressed neighborhoods. The project for Park South, proposed by Albany Medical Center and Tri City Rentals, will include the demolition of two underutilized blocks and the construction of a 135,000 square foot medical office building; 816 space parking garage; 268 market-rate apartments; and 24,000 square feet of retail. An estimated 600 construction jobs and more than 50 permanent jobs will be created or retained as the result of the project. The project was made possible by assistance from the Governor’s Regional Economic Development Council initiative, Capitalize Albany Corporation, the City of Albany Industrial Development Agency and the City of Albany Capital Resource Corporation.
The number of affordable housing units assisted by Capitalize Albany in 2014-2015 .
The Sheridan Hollow Village project is part of a neighborhood revitalization strategy. The project led by the Touhey Home Ownership Foundation and Housing Visions, entails the construction of 17 buildings which will encompass 57 quality affordable rental housing units, 1,000 square feet of on-site management and community space, and 9,900 square feet of commercial space. The on-site community space and commercial space will be part of two mixed-use buildings that will include affordable housing on the second and third floors. In connection, Habitat for Humanity Capital District Housing Project includes the construction of 20 houses, 10 single family and 10 two-families. Its second phase will include another 10 single-family houses.
Capital South Campus Center
is bringing education and employment opportunities to the South End.
To downtown’s south, another defining project is occurring in Albany’s Historic Pastures district. A project made possible by assistance from Capitalize Albany Corporation will entail the acquisition, renovation and preservation of three existing scattered site complexes. In total the project creates 246 housing units. In 2014 the development, design and construction of an approximately 17,500 square foot educational campus center in Albany’s south end neighborhood was also completed. The project was made possible by a nearly $5 million grant from the United States Department of Housing and Urban Development. The Capital South Campus Center represents “Phase 1” of a larger redevelopment plan for Lincoln Square, a 4.5-acre superblock in the City of Albany’s South End, into a mixed-use educational campus.
Livingston School Apartments This $29.3 million project adds 103 units of affordable housing for senior citizens.
In Albany’s West Hill neighborhood, WinnDevelopment completed the restoration and conversion of a former middle school into the Livingston School Apartments. With assistance provided by Capitalize Albany Corporation and the City of Albany IDA, WinnDevelopment transformed the historic building into 103 units of affordable housing for senior citizens.
Sheridan Hollow Village
This $17 million project will create 57 quality, affordable rental units, in addition to 30 homeownership opportunities.
rendering shows what Argus Square could look like with future development.
Huck Finn’s Playland
The Corporation coordinated State, County, and private resources to save the Playland.
As the City’s economic development organization, Capitalize Albany works with leadership and organizations that share a common goal, to build a better Albany. This includes several city, state, federal agencies, as well as nonprofit and for-profit organizations that assist Capitalize Albany in carrying out its mission.
Port of Albany
unveiled a massive crane that can handle 144 tons of cargo.
Drawing Up Central A Capitalize Albanysponsored event brings talented artists to Central Avenue.
The transformative, city-wide projects outlined in this publication would not be possible without Capitalize Albany’s strategic partners and the collaboration between our organizations. These partners have invested significant time, funding and ideas into strengthening the economic vitality of our Capital City. As we continue building for tomorrow, our collaboration enables learning from previous successes and failures, to understand what’s working and where new paradigms must be established. Working together, we will capitalize on the current momentum to build a better Albany.
Fork in the Road
food truck event taking place in Tricentennial Park.
Our Investors Capitalize Albany is powered by the City of Albanyâ&#x20AC;&#x2122;s dedicated community and business leaders. Due to their support, Capitalize Albany has been attracting investment, promoting business, and growing jobs in the Capital City for more than 30 years. Community members or growing businesses are encouraged to learn more about becoming a Capitalize Albany Corporation investor and help build a better Albany.
City of Albany Industrial Development Agency & Capital Resource Corporation The mission of the City of Albany Industrial Development Agency and its Capital Resource Corporation is to assist in the enhancement and diversity of the economy of the City of Albany by acting in support of projects within the City that create and/or retain jobs and/or promote private sector investment. Capitalize Albany manages the IDA/CRC and relies on its talented Board of Directors to provide economic incentives for strategic projects in the form of real property, mortgage recording and sales tax exemptions as well as conduit financing. These resources are essential to balance local development economics and make transformational projects work.
Business Improvement Districts Each Business Improvement District - Downtown, Central Avenue, and Lark Street BIDs - manage different areas of the City, and has varying missions, but their overall goal is similar. They promote the businesses and services within their district, and create a clean, safe environment for workers, residents, and visitors.
Planning, Codes, and Community Development Capitalize Albany works closely with the Cityâ&#x20AC;&#x2122;s Planning, Codes, and Community Development divisions to align priorities and resources. Corporation staff can be a helpful resource in advocating for a project, conveying a development perspective, and streamlining the approval process. The City of Albany is working on ReZone Albany to produce updated City codes that are modernized and unified. A Unified Development Ordinance consolidates developmentrelated regulations into a single unified code that represents a more consistent, logical, integrated, and efficient means of controlling development. The Corporation plays a critical role in bringing business interests to the table.
Economic Development Partners The Corporation coordinates with New York State agencies and the Capital Region Economic Development Council to drive resources to City of Albany projects. As the local coordinator for this initiative, the Corporation furthers Governor Cuomoâ&#x20AC;&#x2122;s vision for the creation of regionally significant projects. Similarly, Capitalize Albany acts as a local liaison to partners like the Center for Economic Growth, the Capital Region Chamber of Commerce, and National Grid to strengthen local businesses and attract new investment. Capitalize Albany staff works hand-in-hand with these organizations to build tailor-made assistance for business investment and project development.
The REDC initiative has awarded Albany million $ projects more than
Albany Capital Center
40-48 South Pearl
The Albany Capital Center will open in 2017 and will provide the capital city with a contemporary, meeting, ballroom, and exhibit venue. Construction of the 82,000 square foot facility, which fronts on Eagle Street, uses underdeveloped land and razes several vacant and blighted buildings. The Center will be integrated with the Times Union Center and the Empire State Plaza, maximizing available meeting and exhibit space. When integrated the total capacity is 159,000 square feet which exceeds all comparable state competitors and is twice the capacity of the largest national competitor.
Maddalone & Associates is transforming this 24,000 sq. ft. property, mostly vacant since 2011, into 16 luxury market-rate apartments combined with street level retail and commercial space. The property is across the street from the Times Union Center. This project was made possible through assistance provided by Capitalize Albany Corporation’s Real Estate Loan Program and the City of Albany IDA.
The Arcade Building Located at 488 Broadway, Fairbank Properties undertook a $10 million adaptive reuse of the former Arcade Building. The conversion transformed the five story 75,000 square foot property into 12,000 square feet of available commercial retail space and 60 market-rate residential units. The commercial space can accommodate from three to ten potential retail tenants. The project required significant interior renovations which commenced in early 2014, with the expectation of creating 55 construction jobs and 20 permanent positions.
The Gallery on Holland The Gallery on Holland, 25 Holland Avenue, is a $22.9 million market-rate apartment complex set for completion in 2017. It will feature 125 units and 170 structured parking spaces.
Port of Albany As a strategic partner, the Port of Albany is critical to the City’s economic base. The Port’s statewide fiscal impact is more than $800 million annually. The recently completed wharf replacement project allows for an increase in large cargo and ship calls to the Port. In 2014 the port’s new $4.5 million Liebherr Mobile Harbour Crane replaced a 1970s era construction crane that couldn’t be used to load and unload ships, but only to move cargo on the wharves. The Liebherr Mobile Harbour crane enhances the port’s capabilities and efficiencies allowing it to expedite the loading and unloading of ships.
Small Business Loans Capitalize Albany Corporation supports small businesses through loans administered by the Chamber of Commerce. This funding helped Cider Belly Doughnuts open on North Pearl Street and Crave Burgers and Frozen Yogurt open on Quail Street.
Livingston School Apartments Steuben Place Completed in Fall 2015, the vacant 6 story, 47,300 square foot property was transformed. The $4.9 million reuse project was made possible through assistance provided by Capitalize Albany Corporation through a New York Main Street Program grant and the City of Albany IDA. The previously vacant property now features 29 residential units on floors 2-5 that include three studio apartments, one and two bedroom units. The first floor will include more than 2,600 square feet of rentable commercial space.
This $29.3 million project involved the adaptive reuse of the former historic Philip Livingston Magnet Academy, which served as a middle school from 1932 to 2009. After more than three years of vacancy, WinnDevelopment began converting the structure into 103 affordable senior (55+) residential rental units with associated common area amenities and parking. A formal ribbon cutting was held in September of 2015 to commemorate the project’s completion.
Livingston School Apartments
Albany Capital Center
Cider Belly Doughnuts The Arcade Building 25 Holland Avenue
Steuben Place Apartments
40-48 South Pearl Street
Port of Albany
1475 Washington Avenue Ohav Shalom Apartments
833 Broadway One Columbia Place
Druthers Brewing Company
20 Park Street
Ohav Shalom Apartments
Druthers Brewing Co.
A $33.5 million investment will preserve 210 affordable senior apartments, create approximately 175 construction and seven permanent jobs. Omni Housing Development is expected to complete renovations by the end of 2017 on the 12-story development in Albany. Built in 1974, it was in need of major upgrades including building-wide systems, improvements to exterior and new kitchens and bathrooms.
In the spring of 2015 Druthers Brewing Co. opened a new 18,000-squarefoot brewery and restaurant at 1053 Broadway in Albany’s warehouse district. A $3.4 million investment, this is the second local brewery, bar and restaurant for the brand, which opened its first in Saratoga Springs in 2012. Capitalize Albany had assisted with Druthers’ site selection process. Now up and running, the new brewery and restaurant has created 68 new jobs.
20 Park Street
Norry Management Corp. has a fiveyear lease with a contractor for New York’s health insurance exchange, to fill 92,000 square feet of space at 833 Broadway bringing 400 new jobs to Albany. Norry Management Corp. stepped into the Albany market purchasing the 142,000 square foot property in December 2014 and is planning $3.5 million in interior and exterior improvements to the property including expanded parking. Renovations began in summer 2015.
One Columbia Place Cass Hill Development Cos. saved a vacant dilapidated and historic property, which will be restored into 21 luxury market-rate apartments in downtown Albany. The $2.5 million project’s construction is underway and is expected for completion in 2016.
This five story, 45,000 square foot vacant office building will be transformed into 74 market-rate apartment units. A $7.5 million project, the property will feature a fitness center and have parking made available. The building at 20 Park Street is near the corner of State and Eagle streets, across from the Capitol.
733 Broadway A vacant three story, 45,000 square foot commercial office building is being converted into a mixeduse commercial office, retail and residential space. This $5.1 million project, expected to be completed in the coming year, encompasses 29 residential units and the first floor will include approximately 2,500 square feet of available commercial space that could accommodate up to two potential commercial tenants.
Aspen at Albany In August of 2015 ground was broken on the new 277-bed student apartment complex at 1475 Washington Avenue which will be called Aspen at Albany and is expected to be ready for occupancy by the start of the fall 2016 semester. A $27.5 million project made possible through assistance provided by the City of Albany IDA and led by Grant Ventures LLC, features a more than 180,000 square foot, four story complex with 145 parking spaces and 21st century amenities.
Park South The $110 million project underway in the Park South neighborhood proposed by Albany Medical Center and Tri City Rentals includes the demolition of two underutilized blocks and the construction of a 135,000 square foot medical office building (391 Myrtle Avenue); 816 space parking garage (405 Myrtle Avenue); 268 market-rate apartments; and 24,000 square feet of retail. The project began in 2014, it is anticipated that phases or components of the project will be completed in 2017. An estimated 600 construction jobs and more than 50 permanent jobs will be created or retained as the result of the project.
SUNY Poly’s Zen Building The Zero Energy Nanotechnology (ZEN) building is the largest mixed-use clean energy facility in the world. The new $191 million 356,000 square foot multi-use facility will further support the research and educational purposes of CNSE. Tenants include public & private sector entities. The facility is expected to bring more than 1,500 jobs to New York State, this project directly furthers the relationship between the State of New York, the College of Nanoscale Science and Engineering and the City of Albany as a Smart City Hub.
Historic Pastures Mansions In Albany’s Historic Pastures district, a project made possible by assistance from Capitalize Albany Corporation entails the acquisition, renovation and preservation of three existing scattered site complexes. In total, the project when completed creates 246 housing units. All three complexes are of similar age and construction having been originally built in the mid 1800’s and converted to affordable housing in the early 1980’s.
The Eleftheria This $6.2 million project in the Upper New Scotland Avenue Neighborhood entails the construction of two 30,800 square foot garden apartment buildings totaling 48 units.
Regional Economic Development Council The City-guided effort for Rounds I, II, III and IV resulted in awards totaling more than $53 million to fund 63 projects. All projects are completed or currently under development in the City of Albany. In Round IV, the Capital Region as a whole was awarded a total of $60 million for 93 projects, 11 of which directly benefit activities within the City of Albany, and will catalyze transformational development and job creation.
Sheridan Hollow Through the partnership of Habitat for Humanity, the Touhey Home Ownership Foundation and Housing Visions, the first phase of Sheridan Hollow Village is underway. The Habitat and Touhey development includes nine homeownership buildings with five single family and four twofamily buildings. Housing Vision’s development includes 17 buildings, 57 units, with two multi-use buildings that include 9,000 square feet of office and commercial space. Sheridan Hollow Village represents approximately $17.75 million of investment.
400 Hudson Avenue The building currently offers 179 units of affordable housing for seniors and special needs persons. The property was constructed in 1972. TMG-NY Albany I, LP is in the process of adding an additional three units along with renovating the property in order to bring the structure in line with today’s codes and standards. Interior renovations will include new kitchens and bathrooms, upgrading the buildings systems, updating the lobby and other amenities.
Renaissance Albany After completed renovations, and a formal ribbon cutting held in October, the historic DeWitt Clinton at 142 State is now the Renaissance Albany. The 180,000 square foot hotel centrally located in downtown Albany features 204 rooms, banquet and event space. In conjunction with the Renaissance Albany which opened in October 2015, a 300 space, $8 million parking garage was constructed with potential for expansion of the garage by an additional 100 spaces.
Wellington Row The vision for Columbia Development’s revitalized Wellington Row is taking shape. Capitalize Albany was able to assist in attaining $2.5 million in grant funding through Empire State Development’s Restore New York program in addition to tax abatements and other financial resources. State Street’s Wellington Row is composed of adjoining renovated properties, 132-140 State Street, that now provides mixeduse residential, retail and commercial office opportunities.
The Argus Building This vacant five story, 36,900 square foot mixed-use retail and commercial office building known as the Argus building, was converted into mixed-use retail and residential. With $3 million of investment, there are now 32 marketrate residential rental units featuring one and two bedroom units. The first floor includes over 6,400 square feet of rentable commercial space that can accommodate up to two commercial tenants.
Renaissance Albany Sheridan Hollow
Zen Building Wellington Row Historic Pastures Mansions
The Argus Building
400 Hudson Avenue
The Eleftheria Regional Economic Development Council
South End Revitalization Phase I ($12.2 M) Revitalization Phase II ($10.1 M) Revitalization Phase III ($13 M) Frederick Douglass Homeownership ($1.8 M) Other Public Investment ($77 M) Private Investment ($11.4 M) Capital District Habitat for Humanity Infrastructure ($12.1 M)
Residential Investment ($85 M) Commercial Investment ($42 M) Institutional Investment ($559 M) Residential/Mixed-Use Investment ($52 M)
Downtown Commercial Investment ($324 M)
Residential/Mixed-Use Investment ($88 M) Public Investment ($317 M)
Arbor Hill Phase 3A Residential ($10.6 M) Phase 3B Residential ($6.2 M) Stephen Myers Housing ($2.34 M) Other Residential Investment ($12 M) Neighborhood Stabilization Program ($5.1 M) Capital District Habitat for Humanity Infrastructure ($2.2 M)
Capitalize Albany Corporation A catalyst for economic growth, Capitalize Albany Corporation facilitates transformational development projects, serving as the City of Albany’s economic development arm. A registered 501(c) (3) not-for-profit organization implementing programs and resources to create, retain, and attract business in the City of Albany. Powered by investors composed of Albany’s community and business leaders, Capitalize Albany manages and coordinates all local economic development functions. The Corporation works alongside the City of Albany’s Industrial Development Agency (IDA) and Capital Resource Corporation (CRC) under a professional services agreement allowing Capitalize Albany to match transformational projects with the right tools and resources. Two important resources for developers, the IDA and CRC assist in local development by acquiring, constructing, improving, maintaining or equipping eligible projects. Any project undertaken by either entity must advance job opportunities, health, general prosperity and the economic welfare of the people of the City of Albany. The assistance offered may include conduit bond financing, tax exemptions and abatements. To obtain assistance, applicants must satisfy eligibility requirements and demonstrate a need for assistance.
urrent trends and a strong foundation are building momentum that puts the Capital City on a steep growth trajectory. Corporate headquarters are flocking back, new residents are driving the market, and entrepreneurship is on the rise. Albany is competing on a global scale – and winning. This success is made possible by the talented and dedicated team at Capitalize Albany led by a success-driven Board of the highest caliber business leaders in the City. I encourage you to talk with us about how to elevate your project, grow your business and invest in Albany. Sincerely,
“Albany is competing on a global scale and
Sarah Reginelli President, Capitalize Albany Corporation
Capitalize Albany Corporation Board Chair: Michael Castellana, President & CEO, SEFCU Vice Chair: Anders Tomson, President, Capital Bank Treasurer: Dr. R. Mark Sullivan, Director, Sullivan Institute for Leadership in Higher Education, Professor in Higher Education, The College of Saint Rose Secretary: Dorsey Whitehead, LTC, Retired as Consultant, New York State Minority Program Robert M. Curley, New York State Chairman, Berkshire Bank Michael M. Fancher, Vice President of Business Development and Economic Outreach, SUNY Poly John S. Harris Esq., Partner, Brown & Weinraub, PLLC Dr. Robert J. Jones, President, University at Albany James D. Linnan Esq., Partner, Linnan & Fallon David A. Parente, Vice President, McVeigh Funeral Home, Inc. Susan Pedo, Adjunct Professor, UAlbany, Communications & Public Affairs Consultant Matthew Peter, Chief of Staff to the Mayor, City of Albany Jeffrey Sperry, Associate Broker, CBRE â&#x20AC;&#x201C; Albany Michele Vennard, President & CEO, Albany County Convention & Visitors Bureau John Vero Esq., Partner, Couch White LLP Dr. Nancy L. Zimpher, Chancellor, State University of New York
Capitalize Albany Staff Sarah M. Reginelli - President Bradley Chevalier - V.P. and Director of Economic Development Michael Bohne - Communications & Marketing Assistant Chantel Burnash - Executive Assistant Andrew Corcione - Economic Developer Amy Gardner - Economic Development Assistant Ashley Mohl - Senior Economic Developer II Sabina Mora - Senior Economic Developer I Mark Opalka - Controller Christine Stuto - Financial Consultant
Many of these projects would not have been possible without our partners. A special thanks to the CIty of Albany Industrial Development Agency Board. Tracy Metzger, Chairperson Susan Pedo, Vice Chair Darius Shahinfar, Treasurer C. Anthony Owens, Secretary
Dominick Calsolaro Lee Eck Robert Schofield Sarah Reginelli, Chief Executive Officer Mark Opalka, Chief Financial Officer
www.capitalizealbany.com (518) 434-2532