Downtown Albany Residential Units Announced for Upcoming Open House

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ALBANY, NY (08/28/2012)(readMedia)-- The Downtown Albany Business Improvement District (BID), the City of Albany and Capitalize Albany Corporation announce the second annual Downtown Albany Residential Open House scheduled for Sunday, September 16, 2012 from 11:00 AM to 2:00 PM. This year's event will feature nine properties to view, including two redevelopment projects which will be unveiled to the public for the first time during the event: The Monroe at 49 Sheridan Avenue and Penta on Broadway at 522-524 Broadway. To date the residential units on the Open House tour include:

• 17 Chapel

• Meginniss Flats - 370 Broadway

• 518 Broadway

• Penta on Broadway - 522-524 Broadway

• 23 North Pearl

• 71-73 North Pearl

• The Gateway Apartments - 4-6 Sheridan Avenue

• The Monroe Apartments - 49 Sheridan Avenue

• 33 Maiden Lane

Check-in for the Open House begins at the BID Office at 40 North Pearl Street in downtown Albany, New York. The Downtown Living Booklet, a guide sharing historical and modern day perspectives into all of the projects completed in downtown Albany over the past ten years, will be given to each attendee along with an event map and passport. Attendees are encouraged to visit a minimum of three properties and have their passport stamped in order to be entered to win an iPad. More details will be available at the event. Interested parties are invited to pre-register for the event online at www.downtownalbany.org. Admission is $5 per person.

"250 people attended our Downtown Living Showcase last year and we expect an even greater turnout this year," said Georgette Steffens, Executive Director, Downtown Albany BID, "High occupancy rates and apartments coming online with advance applications is becoming a standard element of Downtown residential. Through the Open House, we hope to attract developers and potential residents alike and allow them an opportunity to picture themselves in the historic charm and luxury of the downtown Albany lifestyle."

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 with a 97% occupancy rate.

Currently, there are five major residential redevelopment projects underway bringing 81 new apartment units online over the next year. Downtown Albany residential has seen nearly $35 million in new private investment, and the reuse of approximately 240,000 square feet of vacant space in downtown Albany.

"When I took office in 1994 I knew that increasing residential development opportunities would be a key component in creating a vibrant and thriving Capital City," said Mayor Jerry Jennings. "Through creative partnerships with the BID and Capitalize Albany, aggressive strategy, and financial incentives at the State and local level, Downtown residential is not only here, but also in high demand."

Properties included in the Open House Tour are all within walking distance of over 70 eateries and fine-dining restaurants, banks, hair salons, clothing retailers, doctor's offices, and more. Downtown Albany is the Capital Region's main hub for culture with world-class performance theaters and arts organizations including the Palace Theatre, Capital Repertory Theatre, Times Union Center, and the Albany Symphony. Natural attractions and recreation are also just a stone's throw away with seven parks and a short walk to the Corning Preserve – Albany Riverfront Park.

"Even before we have completed the building, 10 apartment units have been reserved, and we get advance applications from prospective tenants daily about The Monroe Apartments," explained Marc Paquin, President, Cass Hill Development, whose project will be featured in the event, "People want the quality of life that Downtown offers with world class restaurants, culture, and entertainment. We anticipate a great Open House and look forward to meeting our new tenants very soon."

Information on services, retailers, restaurants, arts and entertainment venues all within walking distance from the residential units will also be available at the BID office. For more information on the Downtown Residential Open House, contact Cheryl Stock, Business Development Manager, Downtown Albany BID, 518.465.2143 x14 | cstock@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 | @downtownalbany or call 518.465.2143.

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