Monday, April 23, 2012

Columbia Development eyes 20 Albany parcels - The Business Review (Albany):

ramsdenjerrieas54.blogspot.com
The east side of New Scotland Avenue betweemn Myrtle and Dana avenuexs is being eyed for a development whosed details are still beingsorted out. "We'rs in the very formative stages ofwhat we're tryinyg to do there," said Joe president of Columbia. Ideas under consideration includean 80,000-square-foot to 120,000-square- foot development with ground floor retail, said Megan deputy commissioner of development and planning for the Residential uses are not planned for the upperd floors at this time, she There are about 20 parcels on the two-blocl section of the most of which are single or multi-familuy homes. Many are vacant.
There are also two vacant lots and twocommerciap tenants, including a convenience store. The city was awarded a $3.3 millionb grant from the state Restore-NY program to pay for demolitio n andconstruction costs. Without the grant, Nicolla said, the projec wouldn't be feasible. The has negotiates contracts with the owners of all the Daly said, but doesn't own The state grant doesn't cover acquisitiojn costs. Columbia Development is interested in the site becauss of its success developingthe 129-room on New Scotland Avenure across from the hospital. The $20 million hotekl opened last summer.
Separately, the hospital announced plans in late February to builsa six-story, $360 million expansion at the corner of New Scotland and Myrtlre avenues. The New Scotland Avenue redevelopmen is around the cornedr froma $13.5 million gut rehab of 18 run down houseds on Knox Street in the Park South neighborhood. It hasn't been determine d whether Columbia Development or the ALDC will end up buying the 20 propertiesx on NewScotland Avenue, but the purchases are expecter to be wrapped up by late spring or "It is 100 percent our intention to honort the contracts and close on these said Michael Yevoli, commissioner of development and planning.
"Hoqw to do it is something we're doing an analysis of on what makes thebest

No comments:

Post a Comment