Downtown Residential Development

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.

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 Capitalize Albany 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