Downtown Residential Development Program

Downtown Living! "If you lived downtown, you'd be home already."

Interest in living in downtown Albany is growing, as people desire to reside close to diverse entertainment, cultural activities and the Hudson Riverfront. As the City continues to build attractions such as the restored Palace Theatre and first-class restaurants, more people want to work and live downtown. In 2002, the Downtown Albany BID, with the support of ALDC commissioned a marketing and leasing strategy, which offered recommendations related to increasing retail and residential occupancy.

Aiming to capitalize on the emergent demand for downtown housing, one residential project is already under way at 733 Broadway. "The Lofts on Broadway" will raise the bar on downtown living with 85 loft-style apartments, secured parking and high-end amenities. Construction will begin in the summer of 2005 and leasing is expected to start early in 2006.

In order to help property owners take advantage of the market for downtown housing the City of Albany, in partnership with the Community Preservation Corporation (CPC), has implemented the Downtown Residential Development Program. Many downtown buildings are home to shops and eateries on the first floor, but are vacant or underutilized on the upper floors. The Downtown Residential Development Program provides funding for pre-development architectural and engineering services to determine the feasibility of converting these vacant and underutilized spaces to residential use. In addition to evaluating properties for residential re-use, the program links property owners interested in pursuing renovation projects with participating lenders to increase understanding of financing options and estimated rates of return on rental units. The program also connects projects with potential grant sources to assist with construction costs.

The Albany Local Development Corporation will coordinate with eligible properties that are selected with the architectural/engineering team of Clark Patterson Associates (CPA) and Troy Architecture Program (TAP, Inc.). The team will develop a property evaluation report to determine the feasibility of renovating upper elevations for residential re-use and identify the potential number of apartments that could be generated in the space.

Online Resources

Downtown Marketing and Leasing Strategy Report
Downtown Albany BID Residential Development and Incentives
Downtown Albany BID Residential Market Potential Update Report

To request an application for the program, contact ALDC at 434-2532.

To qualify for the program, applicants must:

Be located within the downtown boundaries (Madison to Clinton, Eagle to Broadway)
Demonstrate ownership or site control of the property
Have vacant or underutilized upper floors
Have an interest or desire to redevelop upper floors for residential use
Agree to provide site access to Clark Patterson Associates, the designated architectural/engineering firm

The property evaluation report will include:

An analysis of existing conditions of the portion of the building to be rehabilitated
A review of New York State Building Code for conversions from commercial/vacant to residential use
Conceptual floor plan designs for residential units
Preliminary construction cost estimates.