Downtown Albany Business Improvement District Announces Properties for Downtown Living Showcase

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17 Chapel Front of Building

ALBANY, NY (10/19/2011)(readMedia)-- The Downtown Albany Business Improvement District (BID) is pleased to announce the six residential properties to be highlighted in the Downtown Living Showcase event on October 23rd, 2011 from 11am-3pm. The six properties to be shown are:

• 17 Chapel

• Luxury on Pearl at 33 North Pearl Street

• The Gateway Apartments at 4-6 Sheridan

• 518 Broadway

• 374 Broadway

• 60 State Place at 60 State Street

The projects at 518 Broadway, 4-6 Sheridan Avenue, 60 State Street and 374 Broadway have never before been seen by the public. Both apartment conversions at 4-6 Sheridan and 518 Broadway are near completion and projects 60 State and 374 Broadway are under development. A tour map is available at www.downtownalbany.org.

Check-in for the event is at Tricentennial Park (Broadway and Columbia). Free parking will be provided at the Columbia Street garage courtesy of the Albany Parking Authority. A free trolley will be available to shuttle participants between the different properties. Interested parties are invited to pre-register for the event online at www.downtownalbany.org. Admission is $5 per person and free for students with an ID. Tickets can also be purchased the day of the event in Tricentennial Park. Information on services, retailers, restaurants, arts and entertainments venues all within walking distance from the residential units will also be available at the Park.

17 Chapel is Downtown's first luxury condominium project. Two model units, as well as the building's fitness center and roof top terrace, will be showcased during the event. With 24 new condominiums, the building offers 12 unique floor plans with numerous customizable options including flooring, fixtures, cabinets, and appliances. Construction at 17 Chapel began in 2010 and the first homebuyers began moving in October 2011.

Luxury on Pearl at 33 North Pearl Street offers 6 luxury apartments ranging from 350-1,040 square feet. Two one bedroom units will be shown, one furnished, one unfurnished. The units offer modern floor plans and boast amenities including granite countertops, hardwood floors, washer/dryers, and central air.

The project under construction at 518 Broadway/111 Pine Street offers nine modern apartments. One model unit will be showcased from this project. Amenities in this luxury project include exposed brick walls, washer/dryer, and a controlled access lobby. Two penthouse units will include interior staircases leading to fifth floor bedrooms with iconic views. Construction is expected to be completed by December and applications are currently being accepted.

"We are really excited to be involved with this project," commented Keith Holmes of Centurion Realty Group, the company developing 518 Broadway/111 Pine. "The City has really helped us move the project forward through their comprehensive incentive package and efficient review process and the Downtown Albany Business Improvement District has been very instrumental in highlighting our commitment to Downtown."

The newly constructed Gateway Apartments at 4-6 Sheridan Avenue will showcase 2 units during the Showcase. This luxury project, with units boasting modern floor plans and appliances, lies in the gateway of a burgeoning residential district where nearly 100 units will be constructed over the next year. The landlord is currently accepting applications.

Liberty Lofts, located at 374 Broadway, will feature four uniquely designed, loft style units. The living rooms of each unit will offer over 800 square feet of grand entertaining space. While construction is not yet begun, property owners will walk tour participants through the building and demonstrate the future layouts of this former factory.

Tour participants will also be given a tour of the former National State Bank Building lobby at 60 State Street. The building is currently being revitalized into a 26,500 square foot mixed use development consisting of a 10,000 square foot restaurant and catering facility and 11 luxury apartments.

"There really is nothing like this building in public use today," commented Jeffrey Gordon, Co-President of The Gordon Companies. "We believe there is a strong market for the product we are building and are excited to be reinventing this property which has been vacant for a year," added David Gordon, Co-President of The Gordon Companies.

Currently, there are seven major residential redevelopment projects underway bringing 24 new condominiums and 93 new apartment units online over the next year. This represents nearly $28 million in new private investment, and the reuse of approximately 164,000 square feet of vacant space in downtown Albany. Downtown is rapidly becoming a residential community with over $41 million of private financing having been invested in residential development in the last five years.

According to a 2011 residential market study conducted for downtown Albany by Zimmerman/Volk Associates, overall demand for residential properties in Downtown Albany has grown exponentially within the last five years. In fact, the demand for rental properties in downtown Albany has seen a spike of 83% since 2006. In addition to an increased call for Downtown rental properties, interest in condos has also increased by 43% and the overall demand for living Downtown has grown from 2,440 to 3,750 households, in the same time frame.

Participants will receive a Downtown Living Showcase Tour Book sharing historical and modern day perspectives into all of the projects completed in downtown Albany over the past ten years. Properties included in the Downtown Living Showcase are all within walking distance of 250 companies and organizations in downtown Albany including eleven Fortune 500 Companies, six of the region's 10 largest law firms, five of the region's top 10 financial planning firms, and three of the regions' top five CPA firms. Over 70 eateries and fine-dining restaurants, banks, hair salons, clothing retailers, doctor's offices, world-class performance theatres and arts organizations and natural attractions are also just a stone's throw away.

Said Mayor Gerald D. Jennings, "The City of Albany, and specifically its Downtown, continues to be a premier place to do business, invest and access opportunities in our Region, and with countless new residential projects coming to fruition, it's also becoming a popular living destination. In the past few years we have seen more than 50 new units developed out of existing space that was vacant or underutilized. These units are almost entirely rented and the demand continues. Many of these exciting accomplishments are due to the successful partnership between the City, Capitalize Albany Corporation, the Downtown Albany BID, and local business owners, and I look forward to continuing to work together to achieve positive results."

"We are pleased to partner on this showcase to let the public see what is happening in Downtown residential development" said Mike Yevoli, President, Capitalize Albany Corporation, "Downtown living and adaptive reuse of our historic building stock are strategic priorities for our economic development team. We have focused tremendous resources, including the City's IDA program, the Corporation's lending program and our NY Main Street grants in order to move projects forward. With over 150 new units complete or underway, it is important to continue momentum by letting people see these beautiful, unique spaces."

For more information on the Downtown Living Showcase, contact Dan Kelleher, Business Development Manager, Downtown Albany BID, 518.465.2143 ext. 14 | dkelleher@downtownalbany.org.

Incorporated in 1996, Downtown Albany Business Improvement District (BID) is a private, not-for profit 501(c) (3) organization working to restore, promote and maintain the character and vitality of downtown Albany and improve the quality of life and overall image of downtown for those who work in, live in and visit New York's Capital City. For information about the Downtown Albany BID visit www.downtownalbany.org or call 518.465.2143