Capitalize Albany Corporation's 2016 Annual Report

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"Growing Businesses | Transforming Neighborhoods |Investing in Albany's Future

Messages from Mayor Sheehan and Board Chair Michael Castellana ........


Introduction ................................................


Building ALBANY BUSINESSES......................


Building CATALYTIC REAL ESTATE PROJECTS ...........................................................


Building DYNAMIC STRATEGIES...................


2015-2016 Project HIGHLIGHTS.................


Citywide Investment Map ......................


Staff and Board ..........................................


SUCCESS TAKES LEAD ERSHIP & Collaboration Across the City we’re seeing transformation throughout Albany neighborhoods and commercial districts. The warehouse district is reimagining itself, Sheridan Hollow has become a neighborhood of choice, Central Avenue businesses are thriving, $110 million of investment is attracting further interest in the Park South neighborhood, and $250 million worth of activity is under way downtown. It’s an exciting time to be mayor in the City of Albany. Through the work of Capitalize Albany, the City’s potential is being unleashed anew as additional investments are taking shape for a promising year ahead. Sincerely,

Kathy M. Sheehan Hon. Mayor


"I applaud Capitalize Albany for providing the leadership that allows Albany's new and existing businesses to become even more successful." - Mayor Kathy M. Sheehan

Innovation, experience and a resilient drive for serving constituents are core characteristics that define exceptional organizations. I am honored to serve as chairman of an organization that embodies these traits. Capitalize Albany’s proven strategies – executed by our talented team of professionals working collaboratively with the City of Albany and development partners – drive economic growth and inspire investment. The time is right to build on our assets and the region’s momentum, and bring the Capital City into a new era of vitality. Sincerely,

Michael Castellana Chair, Capitalize Albany Corporation


The Capital of the Capital of the World

The City of Albany is more than just a star on the map. Capital of the Empire State, Albany offers world-class amenities and huge opportunities at a scale that will make your project thrive and create a meaningful impact.


CAPITALIZE ALBANY Corporation The City of Albany is prime for investment and Capitalize Albany Corporation can help maximize your opportunity. Capitalize Albany is the City’s 501(c)(3) economic development arm, coordinating all economic development functions and resources citywide. Powered by investors composed of Albany’s community and business leaders, Capitalize Albany is a catalyst for economic growth by matching projects with the right partners, tools and resources to stimulate transformational local real estate development and business investment.

OUR SERVICES & SUPPORT Business Development

•Facilitator for small Business start-up, retention & Attraction Resources •Small business loan program through chamber of commerce •Downtown Albany Retail Grant Program •Amplify Albany Grant Program

Real Estate Development

•Real Estate Loan Fund •Site selection •Coordination with Community Partners •Liaison with City Agencies and Industrial Development Agency

Strategic Development

•City of Albany neighborhood revitalization plan implementation •Economic development planning •Advocate for federal, State & regional economic development initiatives

The team at Capitalize Albany Corporation strives to inspire investment in the City through its dedication to excellence in these service areas. This publication provides a snapshot of Albany's incredible momentum in 2016, highlighting the success of our strategic initiatives, each guided by a goal-oriented plan and developed with public input.



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s the City of Albany’s economic development organization, Capitalize Albany Corporation works to create, retain and attract business in the City of Albany.

Nine Pin Ciderworks

The City of Albany is rich in diverse and vibrant commercial districts, has deep talent resources thanks to the City's 10 higher-education institutions, and is strategically located for logistics and access to a significant portion of the North American population. All of these assets are available in a state capital at a scale that can advantageously showcase a business and support it in making a tremendous impact. Our team will help make the most of these assets while fostering a business-friendly environment. The professional staff at Capitalize Albany can assist small and large businesses alike in navigating and providing clear access to the abundance of tools and resources available through Federal, State and local partners. In addition to assembling the right resources, Capitalize Albany Corporation is here to help businesses locate, relocate or expand in Albany through assistance finding an available space and guidance through the permitting and approval process. Staff will work with the business at all stages of the project as a guide, advocate and resource.


“We could not be more excited to join the downtown community and be a part of the amazing momentum downtown is experiencing.” – Tyler Wrightson of Stacks Espresso Bar

SERVING AS LOCAL LIAISON Capitalize Albany is the local coordinator for New York State economic development initiatives and programs, including the annual Consolidated Funding Application (CFA) process through the Regional Economic Development Councils. The Corporation conducts information sessions, provides technical assistance on applications, and coordinates municipal resolutions and letters of support from the Mayor’s Office. Staff helps make applications more competitive, and has assisted in bringing more than $74.8 million of CFA funds to projects in the City of Albany through round five.

Providing New Resources The Corporation recently launched two grant programs designed to advance

Nine Pin Ciderworks 7

commercial district growth and provide opportunities for retailers to locate or expand downtown. Funding for both programs was provided by the City of Albany Capital Resource Corporation.

helped a Business Improvement District access a largely untapped market of surrounding residents by funding activities that directly target the local neighborhood.

The Downtown Albany Retail Grant Program provides assistance for interior or exterior space improvements for retailers who will add to the growing mix of products and services in the downtown core.

FINDING THE RIGHT LOCATION & Getting a project to Completion

Capitalize Albany’s Amplify Albany Grant Program provides resources to incentivize pop-up programming and events in Albany’s commercial districts which will build new buzz, drive additional foot-traffic and create new opportunities for existing Albany businesses. These two programs have brought a new "third-place" regional coffee chainlet to downtown; increased traffic at a historic neighborhood theater through an inventive programming partnership with a local university; and

Crave Burgers and Frozen Yogurt

Capitalize Albany staff works directly with Business Improvement Districts, local property owners and the commercial brokerage community to help businesses find the right neighborhood and space to fit their needs. Whether the winning location is in the bustling mixed-use warehouse district, on funky and eclectic Lark Street, or at the thriving industrial Port of Albany, once the right fit is found, staff will help navigate through local land use and incentive approvals to ensure a project is completed as efficiently as possible.

Druthers Brewing Company

2016 BUSINESS STATS 50+ Businesses and organizations assisted 30+ PROJECTS advocated for municipal support

19 Priority projects identified in the city

of Albany by the capital region economic development council

10+ assisted with site selection $370K available to small BUSINESSES 30+ Downtown Retail Prospects Strategically Targeted

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ajor transformation is underway throughout the City of Albany. Downtown is growing due to a steady residential market. The warehouse district's obsolete industrial spaces are finding new life as mixed-use lifestyle centers. Communities surrounding institutional anchors like Albany Medical Center are thriving. And revitalization plans are driving growth in Albany's historic neighborhoods. Capitalize Albany Corporation works with property owners and developers on each project individually to determine specific needs and enhance a project’s direct positive impact on the surrounding neighborhood, community, local economy and built environment. The Corporation does this by matching the right projects with the right tools and resources, and provides City investors with what they need in order to foster economic growth and job creation in the City of Albany.


Our team specializes in moving commercial and multi-family projects forward in ways that implement local revitalization strategies and leverage benefits to the surrounding communities. From site-selection, strategic acquisition and direct real estate financing, to coordination with community partners, assistance with the local land use process and access to available resources, Capitalize Albany Corporation makes projects work in Albany.


"We work with groups doing projects all over the country, and THE STAFF AT Capitalize Albany is one of the most professional and helpful that we've ever worked with.” - ROYCE MULHOLLAND OF THE MULHOLLAND GROUP

Commercial Projects From small retailers to large corporations, commercial enterprises are selecting the City of Albany. In Sheridan Hollow, a new restaurant Hungry Hollow is set to be a catalytic addition to the overall neighborhood revitalization. The Port of Albany continues to expand, driving more than $800 million in fiscal impact to the community annually. At 833 Broadway, an underutilized building is now home to a call center with over 400 jobs. The City's medical centers and universities are expanding rapidly. Big or small these projects bring new investment and jobs to the City.

Multi-Family Residential The City continues to experience new investment in both affordable and market-rate multifamily building on national trends.

Sheridan Hollow 11

Projects like Historic Pastures Mansions have modernized existing affordable residential units while projects like Sheridan Hollow Village have added new affordable residential and commercial units. These projects, totaling more than $70 million of recent investment, are made possible by efforts from dedicated stakeholders, including every level of government. Other projects, supported through an increased demand for walkable urban living, involve investment in marketrate multifamily in neighborhoods throughout the City. This market is driven by new energy in downtown and growth of institutional anchors throughout the City, with nearly 500 new downtown residential units and hundreds of newly constructed units surrounding Albany Medical Center and the University at Albany alone.

Resource Coordination The Corporation’s Real Estate Loan

Royce on the Park

Program provides financing to qualifying real estate development projects. The program supports the revitalization of strategic properties and the retention and creation of jobs for City residents. Capitalize Albany serves as a local resource for Federal, State and local economic development incentives, including New York State's annual funding competition through the Regional Economic Development Councils and grant programs from private partners like National Grid. Staff will help identify eligible resources and leverage these sources for project success. Capitalize Albany also works alongside the City of Albany’s Industrial Development Agency (IDA) and Capital Resource Corporation (CRC). Two important resources for developers, these organizations assist eligible projects through tax abatement and conduit financing.

REAL estate STATS 500,000+ sq. ft. of obsolete commercial office space has been repurposed

97% downtown RESIDENTIAL occupancy rate

$76M of affordable housing investment $250M+ investment under way in downtown Albany



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Aspen Albany 12

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he team at Capitalize Albany takes an integrated, strategic approach. All efforts of the Corporation are guided by two foundational plans - the Capitalize Albany economic development strategy and the Albany 2030 comprehensive plan. These citywide strategies are refined by dynamic neighborhood revitalization plans that call for targeted projects and programming to meet the unique potential and needs of individual communities throughout the City. Each initiative undertaken by the Corporation is aimed at implementing these community-led plans.

Impact downtown Albany As the largest downtown employment center in the region, Downtown Albany serves all of Albany's neighborhoods, the Capital Region's population and business and leisure travelers to the Empire State's Capital. Impact Downtown Albany, the Corporationdeveloped tactical plan for downtown revitalization - embraces this critical role and clearly identifies actions to best leverage downtown's momentum. This strategy was developed by input from hundreds of community stakeholders and the bold direction of more than 30 corporate and institutional partners committed to

DOWNTOWN Investment AS OF 2016: $135m+ completed in the past 2 years $127M+ under construction $72M+ in the pipeline

downtown's success. To date, projects recommended and supported by Impact Downtown have contributed to more than $300 million of investment now completed or underway. Capitalize Albany continues to drive this implementation through project development and create new products like the Downtown Albany Retail Grant program - to catalyze strategic growth.

Neighborhood Revitalization The City of Albany creates neighborhood revitalization plans. Major plans include the Capital South plan, the Arbor Hill neighborhood plan, the Park South Urban Renewal Plan, the Midtown Colleges and University Plan, the Sheridan Hollow revitalization

plan, and the recently-released West Hill/West End revitalization plan. Capitalize Albany Corporation uses these community-crafted documents to select development projects and target assistance throughout the City. The Corporation is aggressive in its implementation and stays true to community vision through significant public/private partnerships and effective layering of resources. Projects have included multifamily affordable housing, infill residential rehab and construction, market rate multifamily construction, and commercial office and retail products. These efforts have led to more than $1 billion invested in Albany's neighborhoods and ongoing improvement in local quality of life.



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. As Port infrastructure upgrades continue, most recently the completed wharf replacement project allows for an increase in large cargo and ship calls to the Port.

ASPEN ALBANY Aspen Albany is a new 277-bed student apartment complex at 1475 Washington Avenue which opened its doors for the start of the fall 2016 semester. This $28 million project created more than 90 construction jobs and features a more than 180,000 sq. ft., four story complex with 145 parking spaces and 21st century amenities.

Albany Capital Center The Albany Capital Center will open on March 22, 2017 and will provide the Capital City with a contemporary, meeting, ballroom, and exhibit venue. Construction of the 82,000 sq. ft. 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.

Renaissance Albany HOTEL The former Historic DeWitt Clinton hotel at 144 State Street is now the Renaissance Albany. The 200,000 sq. ft. hotel centrally located in downtown Albany features 203 rooms, a full service restaurant, banquet, and event space. Under construction and in conjunction with the Renaissance, its parking garage connects the hotel with the Albany Capital Center and Times Union Center via an enclosed climate controlled walkway.

Wellington Row The vision for the revitalized Wellington Row has taken shape. Vacant for a number of years, Wellington Row along with Renaissance Albany has transformed a half city block. 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.

SHERIDAN HOLLOW Housing Visions Consultants, Inc. hosted a ribbon cutting ceremony marking the completion of construction of Sheridan Hollow Village, which created 57-affordable rental apartments for families and individuals. The project is in partnership with Habitat for Humanity Capital District and the Touhey Home Ownership Foundation to effect broad change to the Sheridan Hollow community. The project in total creates nearly 100 housing units, plus new commercial and office space for the neighborhood.

Stacks Espresso Bar at Arcade Apartments With assistance provided by the Downtown Albany Retail Grant Program, Stacks Espresso Bar opened its second Albany location. This new location at 488 Broadway places Stacks Espresso in the heart of downtown’s central business district. The Arcade Apartments is the largest project of its kind in downtown Albany to date with 60 market-rate residential units and street level retail space. The $10 million renovation was led by Fairbank Properties. The Downtown Albany Retail Grant Program was made possible by funding from the City’s Capital Resource Corporation.

960 Broadway A project in the City’s warehouse district, revitalizing a property formerly home to the Rodgers Liquor Co., which has been left vacant for two decades. This $6 million mixed-use reuse project when completed will transform the four-story vacant warehouse into 24 market-rate apartments on its upper three floors and 3,000 sq. ft. of ground floor restaurant space with an entrance on Broadway. The existing two-story addition on the south side of the building will be renovated into 2,000 sq. ft. of additional commercial space.

960 Broadway

Port of Albany

Stacks Espresso Bar

Aspen Albany

Sheridan Hollow Wellington Row

Albany Capital Center Renaissance Albany Hotel


Albany Medical Center

One Columbia Place 99 Pine Street

991 Broadway

NYS Regional Council Initiatives Steuben St. Market

Park South 191 North Pearl Street


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99 Pine Street The upper floors are being renovated at 99 Pine Street, bringing approximately 35 new market-rate residential units to the heart of downtown Albany. The renovation and partial conversion will take place on the property’s third, fourth and fifth floors transforming old office space into residential units totaling 34,000 square feet. Most of the existing tenants are expected to remain at the location.

Albany Medical Center Albany Medical Center is planning to build a new 74,000 sq. ft. building on its Albany campus in the Park South neighborhood that would include a large, new 24-hour pediatric emergency department. Albany Medical Center will demolish two buildings at its current campus to accommodate the new pediatric center.

ONE COLUMBIA PLACE Cass Hill Development Cos. is redeveloping a vacant historic and dilapidated 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.

991 Broadway (Nipper Apartments) The conversion of the Nipper building in Albany’s warehouse district to apartments will be phase one of a four-phase, $70 million development project to include more than 150 additional apartments including newly constructed buildings with retail space and multiple levels of indoor parking. The project’s phase one consists of the redevelopment of a four-story structure that will be renovated to include 7,750 sq. ft. of commercial space and 75 apartment units. A single-story building on the south side will be demolished and a portion of the total parking will be included on the land. PARK SOUTH Now marking a decade’s worth of implementation of the Park South Urban Renewal Plan, more than $600 million of investment has completely transformed this neighborhood. Most recently, the $110 million anchor project led by Albany Medical Center and Tri-City Rentals includes 268 apartments, a 134,000 sq. ft. medical office building, an 816-space parking garage, and two mixed-use buildings. Leasing is now underway with new residential and retail tenants.

NYS Regional Council Initiatives The City-guided effort for Rounds I, II, III, IV and V resulted in awards totaling more than $74.8 million to fund 87 projects. All projects are completed or currently under development in the City of Albany. In Round V alone, the Capital Region was awarded a total of $98.1 million for 114 projects, 24 directly benefit activities within the City of Albany, and will catalyze transformational development and job creation.

191 North Pearl Street (Wilson Apartments) This $2.8 million project at the corner of North Pearl and Wilson Streets in downtown Albany involves the new construction of a 27,067 sq. ft. building, which is currently serving as a parking lot. The 3.5 story building will include 18 market-rate rental apartments on its upper floors, with 15 interior parking spaces located on its ground level.

Steuben St. Market Downtown Albany’s first dedicated grocery store opened in January with approximately 600 items on shelves. Completed in the fall of 2015, the previously vacant property at 58 N. Pearl Street now features 29 residential units on floors 2-5 along with the ground floor Steuben Market. This completes Omni Development's $4.9 million redevelopment effort.

Nine Pin Ciderworks The Nine Pin Ciderworks expansion project was awarded $100,000 from Empire State Development Corporation. Nine Pin Ciderworks was able to expand its operations through leasehold improvements, machinery and equipment purchases, increasing employment opportunities and the production of hard cider.


THE LARSON BUILDING Located on the northeast corner of Lark Street and Madison Avenue, this building was vacant for more than a year. The existing structure was demolished, and a new three story 7,000 sq. ft. mixed-use building was constructed. It houses six market rate apartments on floors 2-3 and 2,500 sq. ft. of commercial space on the first floor. The project received support from various neighborhood stakeholders, including the Hudson/ Park Neighborhood Association.

1385 Washington Avenue A new 322 bed-private student housing facility will be built at 1385 Washington Avenue. The project consists of the demolition of the existing defunct Red Carpet Inn. The $30.5 million project will create more than 90 construction jobs.

@HUDSON PARK (160 MYRTLE AVENUE) This project involves the redevelopment of the Long Energy properties in Albany’s Park South neighborhood. Currently office and warehouse space, the three buildings on site will be converted into approximately 75 apartments. The units would be mainly studios and one-bedroom units. There will also be 55 parking spaces.


Thurlow Terrace Thurlow Terrace Apartments, built in 1979, is 137 units of senior and accessible section 8 affordable housing located in Albany’s Washington Park Historic District. In need of rehabilitation, Preservation Development Partners will restore the 9-story 85,000 sq. ft. building. A proposed $21.6 million investment, renovation will include window replacement; roofing; new kitchens, bathrooms and appliances; and landscaping improvements to the property.

SMALL BUSINESS LOANS Supported by Capitalize Albany Corporation, the Capital Region Chamber’s Al Tech loan fund is a great resource for Albany business owners and provides small term loans that can be used for fixed assets and working capital.

Royce on the Park A newly restored apartment building adding to the amount of quality affordable housing in the City of Albany is located at 400 Hudson Avenue in Albany’s Pine Hills neighborhood. The Mulholland Group concluded a $21.6 million rehabilitation of the former Parkview Apartments. The building when acquired offered 179 units, TMG added an additional three units along with renovating the property, bringing the structure in line with today’s codes and standards.

40-48 SOUTH Pearl Street This 24,000 sq. ft. property, mostly vacant since 2011 is being transformed 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.

Quackenbush Square Pioneer Companies has plans to move forward with a large, mixed-use development in downtown Albany. The site is considered a prime spot to build retail, residential and commercial office space. The property is near historic Quackenbush Square and the Clinton Avenue exit ramp of Interstate 787.

GRANT PROGRAMS Capitalize Albany is accepting applications for its Downtown Albany Retail Grant Program and Amplify Albany Grant Program. The Downtown Albany Retail Grant Program can assist businesses interested in establishing a new downtown Albany storefront location and can assist those already existing in core downtown areas with exterior improvements. The Amplify Albany Grant Program aims to attract more foot traffic in Albany’s various commercial districts. The program provides resources to create and execute short and medium term innovative, authentic, unique and buzz-worthy promotional projects, events and programming.

Grant Programs Quackenbush Square

The Larson Building 1385 Washington Avenue

40-48 South Pearl Street

@ Hudson Park

Thurlow Terrace

Small Business Loans

Royce on the Park


CITYWID E INVESTMENT 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 Residential Investment ($59.5 M+) Other Neighborhood Investment ($17 M+)


Commercial Investment ($324 M) Residential/Mixed-Use Investment ($114 M) Public Investment ($341 M)


Park South Commercial Investment ($41 M) Residential/Mixed-Use Investment ($67.5 M) Institutional Investment ($524.4 M)

Arbor Hill and Sheridan Hollow Phase 3A Residential ($10.6 M) Phase 3B Residential ($6.2 M) Stephen Myers Housing ($2.34 M) Other Neighborhood Investment ($14.1 M+) Residential/Mixed-Use Investment ($22.85 M)


Capitalize Albany Corporation 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 true potential.

Bold Implementation Receives International Recognition The International Downtown Association recognized Capitalize Albany Corporation and the Impact Downtown Albany strategic plan, awarding the Corporation the 2016 Downtown Achievement Award of Excellence. After a decade of implementation of the Park South Urban Renewal Plan, a neighborhood consumed by disinvestment is now a neighborhood of choice and is continuing to grow. The International Economic Development Council recognized the Plan and Capitalize Albany Corporation for leading the charge on implementation with the 2016 Silver Excellence in Economic Development Award.

Capitalize Albany Corporation Board Chair: Michael Castellana, President & CEO, SEFCU Vice Chair: Anders Tomson, President, Capital Bank and COO and President of Chemung Canal Trust Company Treasurer: Dr. R. Mark Sullivan, Director, Sullivan Institute for Leadership in Higher Ed., Professor in Higher Ed., 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, Executive Director, Albany Parking Authority Jeffrey Sperry, Associate Broker, CBRE – 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 Ashley Mohl - Senior Economic Developer II Mark Opalka - Controller


Many of these projects would not have been possible without our partners. A special thanks to the City of Albany Industrial Development Agency and Capital Resource Corporation Boards. Tracy Metzger, Chairperson Susan Pedo, Vice Chair Darius Shahinfar, Treasurer C. Anthony Owens, Secretary Dominick Calsolaro Lee Eck Robert Schofield


ncredible opportunities lay ahead for the City of Albany. The Capital City has unprecedented momentum, built by dedicated partners, sound strategy, ongoing investment and global trends putting Albany on a worldwide stage. Whether you are an inspired entrepreneur, looking to distinguish yourself or your company in the corporate world, or driven to make a lasting impact by revitalizing a community – Albany provides a dynamic and supportive environment. Our talented and dedicated team, guided by a successdriven Board of the highest caliber business leaders in the City, is ready to help your idea or investment thrive. We look forward to working with you. Sincerely,

Sarah Reginelli President, Capitalize Albany Corporation



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