Another great article in yesterday's Times Union was Chris Churchill's "Downtown homesteading," which describes seven planned, in progress, or recently completed large scale downtown housing projects in Albany, along with the efforts of several smaller scale residential improvement projects. Among the large scale projects are:
- Amos at Quackenbush Square - A $40 million, 11-story tower with at least 100 apartments proposed by Queri Development of Syracuse, New York;
- 733 Broadway - A $35 million, 9-story tower with 122 units proposed by Norstar Development USA of Buffalo, New York;
- Wellington Row - A $62 million, 14-story office tower with 15 condominiums proposed by Columbia Development Cos., Albany, New York;
- 33 N. Pearl Street - A $600,000 conversion and renovation with six apartments recently completed by Mike Urgo (upper floors above Jonathan's pizza parlor), Albany, New York;
- 109 State Street - $650,000 renovation with nine apartments currently under construction by AR Building & Construction, Albany, New York;
- 111-113 State Street, $630,000 renovation with 11 apartments recently completed by AR Building & Construction, Albany, New York; and
- 889 Broadway, undisclosed cost, conversion of four-story building and construction of four-story building with 44 condominiums.
The article reports that a market study commissioned by the Downtown Albany Business Improvement District and recently completed by Zimmerman/Volk Associates Inc. of Clifton, N.J., found that a market exists for about 2,400 housing units. As is true in many places where downtown housing is being constructed or renovated, it is hoped that increased choice and better quality of housing will help bring more people downtown.
The target markets are "empty nesters" and young professionals. Among the latter category is Matt Baumgartner, proprietor of Albany's popular Bomber's Burritos Bar (158 Lark Street) and Noche Lounge (895 Broadway) -- one of many young entrepreneurs creating notable arts, music, dining, and retail establishments in the Capital District's historic downtowns. He recently paid $225,000 for an old industrial building on Learned Street and plans to rehabilitate the building into two apartments, one of which he will occupy himself.
The article compares the Albany housing activity to similar situations in Denver, Colorado (Lower Downtown neighborhood), Boston, Massachusetts (Fort Point Channel area), Hartford, Connecticut, and Providence, Rhode Island. It also states that in "the Capital Region, Albany has fallen behind cities such as Saratoga Springs, where hundreds of new apartments and condos have been constructed, and Troy, which has seen significant rehabilitation of older apartment units." The article continues:
The target markets are "empty nesters" and young professionals. Among the latter category is Matt Baumgartner, proprietor of Albany's popular Bomber's Burritos Bar (158 Lark Street) and Noche Lounge (895 Broadway) -- one of many young entrepreneurs creating notable arts, music, dining, and retail establishments in the Capital District's historic downtowns. He recently paid $225,000 for an old industrial building on Learned Street and plans to rehabilitate the building into two apartments, one of which he will occupy himself.
The article compares the Albany housing activity to similar situations in Denver, Colorado (Lower Downtown neighborhood), Boston, Massachusetts (Fort Point Channel area), Hartford, Connecticut, and Providence, Rhode Island. It also states that in "the Capital Region, Albany has fallen behind cities such as Saratoga Springs, where hundreds of new apartments and condos have been constructed, and Troy, which has seen significant rehabilitation of older apartment units." The article continues:
Some say the Albany lag results from redevelopment decisions that brought Empire State Plaza and ubiquitous highway ramps.Added Saratoga Springs developer Jeffrey Pfeil, who is converting a former department store in Troy [the former Stanley (Gay) building at 3rd and State Streets] into apartments [to be called The Conservatory because of its proximity to the Troy Savings Bank Music Hall]:
"What you see there now is a consequence of years of tragic decisions," said James Howard Kunstler, the Saratoga Springs-based author of "Geography of Nowhere" and other books on the urban environment.
"the incentive (for developing housing) in Troy is that it's got a wealth of fabulous architecture, and, unlike in Albany, most of the architecture wasn't torn down over the years."The J.W. Pfeil Company also recently completed a project involving adaptive reuse of a former textile factory into the Powers Park Lofts condominiums (387 Third Avenue) in the Lansingburgh section of Troy. Available units sold out quickly.
