Downtown Albany Business Improvement District Receives $60K Grant from National Grid

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60 State Street interior maintains a vast assortment of historical architectural details including the plaster painted ceiling above the lobby.

ALBANY, NY (06/27/2011)(readMedia)-- The Downtown Albany Business Improvement District (BID) recently received a $60,000 Main Street Grant from National Grid to be used for the renovation of 60 State Street in downtown Albany, New York into a 10,000 square foot restaurant and catering facility and 11-16 apartments.

"We are very appreciative of this grant from National Grid," stated Georgette Steffens, Executive Director of the Downtown Albany BID. "This money will help to ensure that a beautiful and historic building in our Downtown is revitalized and restored."

"In challenging economic times, it is important to support projects that renovate older buildings to attract residents and businesses to downtown Albany, especially a site that acts as a gateway to the Downtown area," said William Flaherty, regional executive at National Grid, "investments such as this help small businesses grow and communities remain strong."

Historically known as the National State Bank Building, the building was designed by the Beaux-Arts architecture firm York and Sawyer in 1901, constructed in 1902, received a major addition in 1920, and had significant interior renovations in the 1960's. The original 1920 vault is still in place in the basement and the developers envision private dining areas within its confines.

"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.

"Developing residential units in Downtown is a priority that we outlined in our Capitalize Albany plan," noted Albany Mayor Jerry Jennings. "The revitalization of this property is an exciting milestone in downtown development and we are appreciative of the support we received through our invaluable partner, National Grid. It is community partnerships such as this that will allow us to meet the demand for downtown housing."

A recent market study commissioned by the Downtown Albany BID and completed by Zimmerman/Volk Associates, a firm specializing in urban residential market analysis, found that the overall demand for downtown living grew from approximately 2,440 households in 2006 to 3,750 households in 2011. Demand for rental housing increased 83% to 1,980 apartments, up from 1,080 units in 2006. The desire for condominiums increased 47% to 1,106 units, up from 790 condos in 2006.

The project builds on the momentum of other projects currently under construction including 15 new studio and one-bedroom apartments at 4-6 Sheridan Avenue, 9 new apartments at 111 Pine Street/518 Broadway, and 24 luxury condominiums at 17 Chapel Street.

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 viability 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 downtownalbany.org or call (518) 465-2143.