Downtown Living Showcase Announced

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Downtown Living Showcase

ALBANY, NY (10/11/2011)(readMedia)-- The Downtown Albany Business Improvement District (BID), the City of Albany and Capitalize Albany Corporation are proud to announce the first Downtown Living Showcase, a residential open house of several condos and apartments throughout Downtown Albany that have recently been converted or are currently under development. The Showcase, scheduled for Sunday, October 23, 2011 from 11:00 AM to 3:00 PM, will include the recently completed condominium project 17 Chapel and two redevelopment projects: 518 Broadway and 4-6 Sheridan Avenue, previously unseen by the public. 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.

Check-in for the event is at Tricentennial Park (Broadway and Columbia). 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. Information on services, retailers, restaurants, arts and entertainments venues all within walking distance from the residential units will also be available at the Park.

"We wanted to create a unique opportunity for the public to picture themselves living in an urban environment," said Georgette Steffens, Executive Director, Downtown Albany BID, "Developers and investors have recognized a demand for living opportunities in the downtown market, reaffirming 2006 and 2011 market feasibility studies. With evidence that apartments are renting as they come on-line, developers are working with the City, Capitalize Albany and the Downtown Albany BID to seize the opportunities. This event is great for those interested in living Downtown, people wanting to see the various historic and luxury living options created through conversion projects and potential developers and property owners."

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