TOMORROW
BUILDING for
2018
WHAT'S INSIDE 02
Message from Mayor Sheehan and Introduction
03
Message from Board Chair Michael Castellana and Introduction
04
Business Development
08
Real Estate Development
12 16
Strategic Initiatives
2017-2018 Project Highlights
22
Citywide Investment Map
24
Staff and Board
Over the past five years, my administration’s goal has been and continues to be equitably creating a more vibrant City, neighborhood by neighborhood. Emergent new construction is enhancing Park South’s transformation, coworking and collaboration is stimulating growth in the Central Avenue business district, and with the City’s $10 million award as part of Governor Cuomo’s third-round Downtown Revitalization Initiative, Albany’s Clinton Square and surrounding neighborhoods are poised for unprecedented success.
proven strategies, executed by a talented team, are driving momentum and guiding our City’s development. We will continue to build on this year’s achievements with many new investments taking shape in 2019. It’s an exciting time to invest in the City of Albany and I invite you to join me in helping to unleash its full potential. Sincerely,
Hon. Kathy M. Sheehan Mayor, City of Albany
When you think about some of Albany’s greatest assets — diverse and historic neighborhoods, world-class educational and medical institutions, and a vibrant downtown — we have an arsenal of resources at our disposal to further our Capital City’s growth. Capitalize Albany’s Capitalize Albany is the City’s 501(c)(3) economic development arm, coordinating all economic development functions and resources citywide. By matching projects with the right partners, tools and resources, the Corporation stimulates transformational local real estate development and business investment. We invite you to learn more about Capitalize Albany Corporation in this year’s 2018 annual report. Celebrating a year of new investments, this publication highlights the success of our strategic initiatives, each guided by a goal-oriented plan and developed with public input.
2
Since I came to New York’s Capital City to attend UAlbany, the fabric of this community has become a major part of who I am. First as a student, then as a young professional, a father, and now seasoned executive, the City of Albany, and its business community, opened many doors and created opportunities beyond my wildest dreams. Now, as chair of this exceptional volunteer board, I am proud to say that the Capitalize Albany Corporation is helping Albany engage, entertain, and empower the next generation by giving them a diverse and developing city that will allow them to build their own lives and pursue their own big, wild dreams.
talented professionals create new partnerships and collaborate on fresh ideas that will spark even more economic growth and investment in the City of Albany. In the face of enduring economic pressures and shifting resources, we have an incredible opportunity to advance the City’s vision, and it is an opportunity we must capitalize on today. I look forward to working with you as we support Capitalize Albany’s efforts to develop and differentiate the City of Albany as a destination for business, family, and fun. Sincerely,
Michael J. Castellana Chair, Capitalize Albany Corporation
This year, we have an ambitious, yet critically important strategic agenda and a clear mission. We must continue to help Capitalize Albany’s
OUR SERVICES & SUPPORT • Real Estate Loan Fund • Coordination with City Agencies • Downtown Albany Retail Grant Program • Site selection • Amplify Albany Grant Program • Local coordinator for Consolidated Funding Application • City of Albany Small Business Facade Improvement Program process and other NYS economic development initiatives • Coordination with Community Partners
3
BUSINESS DEVELOPMENT
Staff frequently assists business owners, such as Capital City Cycle Tours co-owner Anthony Ali, looking to expand in the City by helping them efficiently navigate City approvals. Capital City Cycle Tours is an exciting new venture that adds vibrancy to the Warehouse District. Users can book individual seats or charter whole parties to destination hop among the District’s brewers, distillers and local entertainment venues.
4
Lending a helping HAND to BUSINESSES existing & new, BIG & small.
Flex-concept spaces, like the Fort Orange General Store – are bending retail definitions and helping commercial district thrive.
Downtown’s Loch & Quay restaurant and others like it draw new demand by embracing authenticity and showcasing historic assets.
Capitalize Albany Corporation works to create, retain and attract business throughout the City of Albany.
T
he City of Albany is composed of a diverse and vibrant mix of commercial districts—and supported by the City's 12 higher-education institutions, it has a deep pool of talent and resources. It’s a strategic location for logistics and access to a significant portion of the North American population. All of these assets are available in a State Capital at a scale that can advantageously showcase a business and support it in making a tremendous impact. The Capitalize Albany team will help make the most of these assets while fostering a business-friendly environment. The professional staff at Capitalize Albany can assist small and large businesses alike in navigating and providing clear access to the abundance of tools and resources available inhouse, as well as through Federal, State and local partners. FINANCIAL ASSISTANCE The Corporation launched two new grant programs in 2016, which have been successfully driving foot traffic in
neighborhood commercial districts and providing opportunities for retailers to locate or expand in Downtown over the past two years. The City's Small Business Facade Improvement Program was added to the Corporation's portfolio in 2017, and the first two funding rounds are revitalizing existing businesses with resources from the City of Albany Capital Resource Corporation and the Albany Community Development Agency. Applications for each of these programs are live on the Capitalize Albany website. LOCAT ION GUIDANCE In addition to assembling the right resources, Capitalize Albany Corporation is here to help businesses locate, relocate or expand in Albany through assistance in finding available space. Staff works directly with the Business Improvement Districts, property owners and the brokerage community to find
the right neighborhood and space for each business. LOCAL LIAISON When the business decides on a location, staff will help the business to navigate the permitting and approval process. As the local coordinator for the New York State economic development initiatives and programs, including the Consolidated Funding Application (CFA) process, Capitalize Albany can provide technical assistance for local businesses to help access these resources. The Corporation has long-standing relationships with resource partners that provide business-planning, flexible financing and incentives. Staff will make impactful connections to these partners to help a business succeed. Staff will work with the business at all stages of the project as a guide, advocate, and resource.
5
Through the Downtown Retail Grant Program, the Corporation has assisted six businesses with opening a Downtown location. Shown above are the owners of The Taverna on South Pearl Street.
Guided by the Corporation’s recent market studies, Albany Distilling Co.’s Bottle Shop and Tasting room has built strength by blending retail, manufacturing and entertainment concepts.
Small business grants – funded through the Capital Resource Corporation and Albany Community Development Agency – can assist with both capital costs and driving foot-traffic to the location.
6
Through financial and technical assistance provided by Corporation staff, business owners are able to improve the interiors and exteriors of their businesses...
62 construction jobs
64 permanent FTE jobs
visitors
DIRECT IMPACTS FROM GRANT PROGRAMS
25 thousand
21
new
...and transform them into new and vibrant locations for shopping, dining, and entertainment throughout the City.
events & initiatives
$2. 5 million
invested in small businesses 7
REAL ESTATE DEVELOPMENT
New to the City, and adding to the list of more than a dozen developers working citywide, Home Leasing is fully rehabilitating more than 68 vacant and dilapidated row homes on prominent Clinton Avenue in Arbor Hill. The finished product will use low income housing tax credits, historic tax credits and a PILOT through the CAIDA to create more than 200 units of affordable housing within a five minute walk of the heart of Downtown.
8
REVITALIZING
neighborhoods throughout the CITY, with record-breaking,
authentic
Albany is meeting modern student housing demands through private development like the Auden Apartments on Washington Avenue Extension, helping to attract and retain the best and brightest minds for the City's 12 local colleges and universities. These projects also drive significant revenue to local taxing jurisdictions.
DEVELOPMENT.
Capitalize Albany Corporation assists real estate development projects, making a positive impact in all of the city's neighborhoods.
D
evelopment in the City of Albany continues to achieve significant milestones. Downtown now has more than 500 completed residential units, a major Downtown Albany Residential Initiative accomplishment. In nearby Park South, nearly $700 million has been invested and the Reserve at Park South marks the first private, new construction project, since the adoption of the Park South Urban Renewal Plan in 2006. The warehouse district's obsolete industrial spaces are finding new life as mixed-use lifestyle centers. Communities surrounding institutional anchors like Albany Medical Center are thriving. And revitalization plans are driving growth in Albany's historic neighborhoods. PROJECT GUIDANCE Capitalize Albany Corporation works with property owners and developers on each project individually to determine specific needs and enhance a project’s direct positive impact on the
surrounding community, local economy and built environment. The Corporation does this by matching the right projects with the right tools and resources, and provides investors with what they need in order to foster economic growth and job creation in the City of Albany. The Capitalize Albany team specializes in moving commercial and multifamily projects forward in ways that implement local revitalization strategies and leverage benefits to the surrounding communities. From site-selection, strategic acquisition and direct real estate financing, to coordination with community partners, assistance with the local land use process and access to available resources, Capitalize Albany Corporation makes projects work in Albany. RESOURCE COORDINAT ION The Corporation’s Real Estate Loan Program provides financing to
qualifying real estate development projects. The program supports the revitalization of strategic properties and the retention and creation of jobs for City residents. Capitalize Albany serves as a local resource for Federal, State and local economic development incentives, including New York State's annual funding competition through the Regional Economic Development Councils and grant programs from private partners like National Grid. Staff will help identify eligible resources and leverage these sources for project success. Capitalize Albany also works alongside the City of Albany’s Industrial Development Agency (IDA) and Capital Resource Corporation (CRC). Two critical resources for developers, these organizations assist eligible projects through tax abatement and conduit financing.
9
REAL ESTAT E DEVELOPMENT & CIT YWIDE GROWT H
to
$119 million of recent investment in market-rate housing citywide
2x
$228 million of recent investment in affordable housing citywide
Capitalize Albany helps put in the up-front work of connecting opportunity sites, project partners and necessary resources to make ribbon cuttings happen throughout the Capital City.
10
WHY HOUSING? From diversification of the Downtown core, to the creation and preservation of affordable housing options, to strengthening residential areas surrounding some of the Capital Region’s largest employers – multifamily housing development is critical to the overall economic health and vibrancy of the City of Albany. Capitalize Albany has been a strategic partner in making these essential projects work since the need was identified in the 1996 Capitalize Albany Strategy. Since then the Corporation has commissioned frequent market studies, identified opportunity sites, worked with the lending and development communities, and created and coordinated financial resources to support commercial-scale residential development throughout the City. These projects improve local quality of life, generate additional revenue to local taxing jurisdictions, assist employers in competing for talent, and often reuse abandoned space. In the past three years alone more than 700 units of market rate housing has been constructed and more than 1,200 units of affordable housing have been created or preserved. Absorption and occupancy rates are holding strong citywide, and another nearly 1,000 units is in the pipeline.
The completion of the project at 800-806 Broadway included the 500th residential unit in Downtown Albany.
With staff assistance, the City of Albany was able to successfully submit a grant application for the fifth round of Restore NY , obtaining $1.8 million in grant funding from Empire State Development to assist theREP @ Livingston Square project.
Made possible through Capitalize Albany's assistance, the successful revitalization of Park South is showcased by this incredible skyline view from the rooftop of the Reserve at Park South.
Development is a team approach in Albany, with creative and dedicated partners like the Albany Housing Authority, committed to implementing neighborhood plans and driving success in the community. Phase 2 of the Ida Yarbrough public housing redevelopment in Arbor Hill is underway, continuing this $60 million project and incorporating the latest in green technology.
11
STRATEGIC INITIATIVES
The community is the cornerstone of Capitalize Albany’s strategic development initiatives. Programs like Albany’s successful bid for $10 million of Downtown Revitalization Initiative are developed with input from hundreds of stakeholders as well as leading industry analysts to ensure implementation is smooth and efficient.
12
Driving conceptual plans
and STRATEGIES to efficient & engaging EXECUTION.
The Skyway started as a unique “what if” idea. Through strong leadership from the Mayor and dedicated time and resources from the Corporation, Albany was able to attract State funding and make this transformational linear park and connection to the waterfront a reality.
At Capitalize Albany, strategic plans do far more than inspire investment – they drive it.
T
he team at Capitalize Albany takes an integrated, strategic approach. All efforts of the Corporation are guided by two foundational plans - the Capitalize Albany economic development strategy and the Albany 2030 comprehensive plan. Each initiative undertaken by the Corporation is aimed at implementing these goal-oriented strategic plans and developed with public input.
transformational projects within the City of Albany's DRI area - Clinton Square.
These plans have led to more than $1 billion invested in Albany's neighborhoods and more than $900 million of investment completed in Downtown.
Immediately following award, the State-led DRI planning process began, continuing the momentum created through the extensive public engagement conducted over the past two years. This initiative will connect five distinct investment zones Downtown, the Warehouse District, Arbor Hill, Sheridan Hollow and the Waterfront - and leverage projects to create a thriving and inclusive destination and gateway to the Capital City.
A WINNING ST RAT EGY In September 2018, the team at Capitalize Albany drafted a winning application for the third round of Governor Cuomo's Downtown Revitalization Initiative (DRI), bringing home a $10 million check for
SKYWAY Within Clinton Square, a strategic priority identified in Impact Downtown is coming to life thanks to funding and support from Governor Cuomo, NYS Department of Transportation (NYSDOT), and New
York State Office of Parks, Recreation and Historic Preservation. With $3.1 million in committed resources from the State, the Skyway will convert an underutilized Interstate 787 exit ramp into an elevated linear park and multiuse connection to and from Albany's waterfront. Capitalize Albany has led a diverse team of six consultants through the preliminary design process for the Skyway, handing the project over to NYSDOT and the City to begin the final design and initial construction phase in 2019. The Skyway and the DRI are only two of the strategic initiatives that the Corporation has successfully led over the course of the year. Capitalize Albany continues to drive implementation and catalyze growth through strategic project development.
13
Staff frequently leads initiatives with state, local, and private sector partners , ensuring that projects are coordinated to achieve the most sustainable and wide-reaching impacts. For the Skyway, Capitalize Albany convened a crossdepartmental and intergovernmental review team to ensure the project's unique engineering, traffic safety, stormwater, landscape design and event management needs were met.
Capitalize Albany Corporation frequently brings together key stakeholders including developers, business owners, community leaders and residents to discuss the City’s immense potential.
The Corporation solicits constant feedback from the development community to ensure our fingers are on the pulse of the local and regional markets.
14
5 acres
70%
parking lots
4 buildings
ON T HE HORIZON The Liberty Park site is the City of Albany’s largest development opportunity and when redeveloped to its highest and best use it will generate unprecedented local economic growth. As the City of Albany’s economic development agency, Capitalize Albany has taken action towards acquiring the Albany Convention Center Authority’s surplus property. A purchase and sale agreement was approved marking an important Regional economic development milestone and an advance toward transfer of the ACCA’s surplus property and Liberty Park site redevelopment.
UNLOCKING LIBERT Y PARK & – CATALYZING NEW INVEST MENT
51
parcels
Capitalize Albany finds creative resources to help implement City and Regional strategic plans. Where resources do not exist, the Corporation works to create them – like using Amplify Albany to help alleviate a food desert in the South End identified in the Capital South neighborhood plan and Albany 2030 comprehensive plan.
15
CLINTON AVENUE Home Leasing is rehabilitating 210 units of housing in the Arbor Hill neighborhood and along Clinton Avenue and Ten Broeck Triangle. This $47.8 million affordable housing and mixed-income project is estimated to create 65 construction jobs and five full-time jobs. Made possible with support from the City of Albany Industrial Development Agency, the scattered-site undertaking involves the revitalization of 70 row houses and two vacant lots.
THE REP @ LIVINGSTON SQUARE With the support of a $1.8 million Restore New York Communities Initiative grant to the City of Albany through Empire State Development, Capital Repertory Theatre will transfer its operations, in December 2019, to Livingston Square. The National Biscuit Co. building, at 251 N. Pearl Street, will become the new home for theREP, with a 300seat Main Stage, 70-seat black box theatre, full time café and box office.
$48
million
$78
million
IDA YaRBROUGH Ida Yarbrough Homes Redevelopment’s Phase I is now completed and construction of Phase II has started. In total the project will establish 161 affordable homes. The Ida Yarbrough Homes Redevelopment is a multi-phase, multi-year effort to develop new homes for low, and moderate income families. Developed by the Albany Housing Authority, the project is part of the Arbor Hill Neighborhood Plan to improve the housing, economic, cultural and quality of life issues in the Arbor Hill neighborhood.
Albany Capital Center In 2018, marking the Capital Center’s first full year of operations, the convention center hosted more than 190 conventions, meetings and events drawing more than 80,000 visitors. The 82,000-square-foot convention center is the Capital City’s contemporary meeting, ballroom, and exhibit venue. Integrated with the Times Union Center and the Empire State Plaza to maximize available meeting and exhibit space, the total capacity is 159,000 square feet, which exceeds all comparable in-state facilities and is twice the capacity of the largest national competitor.
$60
million
THE MASSRY FAMILY CHILDREN'S EMERGENCY CENTER As one of the City of Albany’s most vital anchor institutions, Albany Medical Center continues its investment in 2018 with the Region’s first pediatric emergency center which opened in July. The four-story, 70,500-square-foot facility is located next door to Albany Med's main emergency room, with its own dedicated ambulance bay and 34 separate treatment areas.
PROJECT HIGHLIGHTS 2017-2018 16
$50
million
$8
million
$16
million
$500
thousand
52-54 NoRTH PEARL STREET A new mixed-use project, downtown business owner Chris Pratt purchased the properties in 2018 and has plans to renovate the two side by side building’s second and third floors into four apartments and will make the ground floor available for retail space.
363 ONTARIO STREET A redevelopment plan for a former bowling alley will invest $16.2 million into the 1.8 acre parcel in Albany’s Pine Hills Neighborhood. Made possible with support from the City of Albany Industrial Development Agency, the completed project will immediately double payments to local taxing jurisdictions and construct 77 units of market-rate multifamily housing.
Capital Center Apartments Renovations of 99 Pine Street’s upper floors are complete, bringing 38 new market-rate residential units to the heart of downtown Albany. The renovation and partial conversion of the property’s third, fourth and fifth floors transformed outdated office space into residential units totaling 34,000 square feet. Existing commercial tenants were retained. The project was made possible with support from the City of Albany Industrial Development Agency and Capitalize Albany Corporation through its Real Estate Loan Program.
$1.4
million
$6.7
million
414 Broadway The completed redevelopment of 414 Broadway in downtown Albany has yielded a full renovation of the building. The once underutilized upper floors are now three apartments, with the ground floor now home to a full-service bar and restaurant, named Loch & Quay. The project was made possible in part by a grant from New York State Homes and Community Renewal’s New York Main Street program, support from National Grid’s Main Street Revitalization Program and the Downtown Albany Retail Grant Program.
17
$1.7
million
Downtown Albany Retail Grant Program To date the program has leveraged more than $1.7 million in new investment. Made possible with funding from the Capital Resource Corporation the program assists businesses new to Albany to establish a downtown retail location, existing businesses that want to expand by adding a downtown location, or strategic Downtown businesses that want to enhance their buildings.
351 SOUTHERN BOULEVARD Made possible by the City of Albany Industrial Development Agency, this project will create 60 jobs, 30 construction and 30 permanent, revitalize a City gateway and provide new neighborhood amenities at 351 Southern Boulevard. The Investment will revitalize an existing building which will house a 30,000-square-foot gym and other 18,000-square-foot existing building will be renovated and made available for retail. More retail space will be made available along with a car wash and convenience store.
$500
thousand
million
18
million
$10
million
Small Business Faรงade Improvement Program To date the program has leveraged more than $500,000 in new investment. Administered by Capitalize Albany Corporation, the City of Albany Small Business Facade Improvement Program is made possible by funding from the Capital Resource Corporation and the Albany Community Development Agency. The program can provide matching grants to small businesses and/or commercial property owners for exterior renovations.
$25
$31
$1.3
million
526 CENTRAL AVENUE A project made possible with support from Capitalize Albany Corporation, the Albany Community Development Agency and the City of Albany Industrial Development Agency, Regan Development has partnered with Whitney Young Health and Equinox on the development of a newly constructed 108,400-squarefoot five story mixed-use building that will bring an affordable primary care facility and 74 units of affordable housing to the Central Avenue Business District. Among the many community benefits, the projects boosts revenue to local taxing jurisdictions and reuses a long-vacant property that required extensive environmental remediation.
AUDEN ALBANY An August ribbon cutting marked the official opening of Auden Albany, a new private student dorm facility located at 1385 Washington Avenue, the site of the former Red Carpet Inn. This $30.5 million project, a 101-unit or 322bed 142,000-square-foot student housing facility created nearly 100 construction jobs.
$300
thousand
420 BroaDWAY Made possible by the City of Albany Industrial Development Agency with additional support from the City of Albany’s Façade Improvement Program, Hudson Partners Development is retaining Coulson’s News and Deli on its first floor and transforming the building’s currently underutilized upper floors into seven one-bedroom market-rate apartments.
@ HUDSON PARK A project made possible by the City of Albany Industrial Development Agency, 75 market-rate apartments are now part of the Hudson/Park Neighborhood. An adaptive re-use plan transformed the Long Energy site properties and warehouse building at 160 Myrtle Avenue into a new microunit apartment complex called @ Hudson Park.
$14
million
AMPLIFY ALBANY GRANT PROGRAM Grant funding has already leveraged nearly $300,000 of investment in programming and has driven more than 25,000 visitors to buzz-worthy events throughout the City of Albany. This program provides resources for the implementation of exciting activities and events that leverage the City of Albany’s most unique and strongest assets, driving foot-traffic and creating buzz throughout Albany’s commercial districts. The program is made possible with funding from the City of Albany Capital Resource Corporation.
$90
NYS Regional COuncil InITIATIVE The City-guided effort for Rounds I-VII resulted in awards totaling more than $90 million to fund 120 City of Albany projects. All projects are completed or currently under development in the City of Albany. In Round VII, the Capital Region was awarded a total of $85 million for 110 projects in the Capital Region, 16 as part of Round VII directly benefit activities within the City of Albany, and will catalyze transformational development and job creation.
million 50 SOUTH PEARL STREET This 24,000-square-foot property, mostly vacant since 2011, was transformed into 16 luxury market-rate apartments combined with street level retail and commercial space. This project was made possible through assistance provided by Capitalize Albany Corporation’s Real Estate Loan Program and the City of Albany Industrial Development Agency. Supported by the Downtown Albany Retail Grant Program, The Taverna, an authentic Greek style restaurant occupying 600 square feet on the ground floor opened in late 2017. Coming next, Hudson Partners Development is renovating 3,475 square feet of space on the ground floor into the 50 South Pearl Eatery — seven restaurant stalls with shared cooking and dine-in space.
$2.4
million 19
$2
$5.1
million
THE RESERVE AT PARK SOUTH A 30-unit, 40,000-square-foot apartment building has risen between New Scotland Avenue and Knox Street at 85 Dana Ave. The completion of this independent new construction project marks a significant Park South Urban Renewal Plan implementation milestone — and with additional projects in the pipeline redevelopment is continuing. A project made possible with support from the City of Albany Industrial Development Agency, the $5.1 million investment greatly increases support to local taxing jurisdictions and is jump-starting private investment throughout the neighborhood.
760 Broadway Construction is progressing at 760 Broadway, an investment made possible by the City of Albany Industrial Development Agency that will transform the vacant property, bring new revenue to Albany’s taxing jurisdictions and create a total of 88 new apartment units. This project led by Fairbank Properties will be the first residential project built from the ground-up in the Downtown. The project is expected to be completed in 2019. The unused property was identified as a priority catalyst site in the Impact Downtown Albany strategic plan.
QUACKENBUSH SQUARE Pioneer Companies has plans to move forward $85 million, mixeduse development in downtown Albany to include plans for a hotel and mixed-use residential. The site is considered a prime spot to build retail, residential, and commercial office space. The property is near historic Quackenbush Square and the Clinton Avenue exit ramp of Interstate 787.
$85
million
$52
million
20
million
$18.5 million
PALACE THEATRE EXPANSION A 2018 Capital Region Economic Development Council priority project, the Palace Performing Arts Center Inc. has plans for a $65 million upgrade to the 2,800-seat Palace Theatre located at one of the Capital City’s most prominent gateways. The investment would include creating an additional 600-seat theater on North Pearl Street next to the Palace, a video post-production center for editing and sound-mixing, and expanding the theater's stagehouse, lobby and box office.
LOUGHLIN DAWN LLC Made possible with support from the City of Albany Industrial Development Agency, seven buildings including 252 residential apartment units will be constructed. The project will create 7 permanent jobs and 165 construction jobs. A significant boost to local taxing jurisdictions, over the course of its PILOT period the more than $50 million investment will produce $8.8 million in additional revenue to local taxing jurisdictions. The units are walkable to adjacent University at Albany, SUNY Poly and Stuyvesant Plaza.
$30.7 million
800-806 BROADWAY With the redevelopment of 800-806 Broadway completed, property connecting Albany’s warehouse district and the Arbor Hill neighborhood has 15 new one and two-bedroom apartments. The investment transformed four dilapidated buildings, abandoned for nearly a decade near the district’s southern edge. A significant Downtown Albany Residential Initiative milestone, this project includes the 500th completed unit since the initiative’s inception in 2002.
$5.3
million
$15
million
THE SKYWAY The completed feasibility study has readied the project to move forward with detailed construction-ready drawings. Construction will begin in 2019. With Governor Cuomo’s announcement of $3.1 million of DOT-funding, the project is able to move forward immediately by decommissioning the ramp and supporting all of the baseline requirements to convert the underutilized infrastructure and open the park. The City of Albany is seeking additional external funds to enhance the park with amenities that will maximize the usage and impact of this new, transformational asset.
105 MORRIS STREET A critical component in Park South Urban Renewal Plan implementation, this project involves the demolition of an existing blighted apartment building and the construction of a five story, 28 apartment building that will feature indoor parking. Made possible with support from the City of Albany Industrial Development Agency, this investment will produce an additional $752,578 in revenue over its PILOT period and create 40 construction jobs.
$1
million
$50
million
ALBANY DISTILLING COMPANY Albany Distilling expanded into a new facility at 75 Livingston Avenue as part of a $1 million investment by the company. Made possible by a $60,000 Empire State Development grant and support from the Downtown Albany Retail Grant Program—75 Livingston Avenue includes a new outdoor patio, retail store and tasting room with a full bar featuring New York-made spirits, cider, wine, and beer with a full bar featuring New York-made spirits, cider, wine, and beer.
PORT OF ALBANY The Port of Albany is currently in its second year of a four year $50 million maritime infrastructure improvement plan. Construction of a new $8 million climate controlled heavy capacity clear span warehouse is complete and construction of a new 840 linear feet wharf and roll on roll off system is nearing completion. Design and engineering is about to begin on new marine terminal improvements. The Port is gaining capacity to handle heavier equipment, cargo, and can support new customers from around the world. All these factors continue to drive the Port’s statewide economic impact which was measured at more than $800 million annually.
21
Citywide INVESTMENT map South End
Park South
Commercial Investment ($12.3 M) Residential/Mixed-Use Investment ($126.2 M) Other Neighborhood Investment ($27.1 M)
Commercial Investment ($41.7 M) Residential/Mixed-Use Investment ($135.2 M) Institutional Investment ($515.4 M)
Downtown
Commercial Investment ($393.6 M) Residential/Mixed-Use Investment ($159.7) Public Investment ($351.8 M)
22
Arbor Hill and Sheridan Hollow
Commercial Investment ($3.9 M) Residential/Mixed-Use Investment ($175.1 M) Other Neighborhood Investment ($12.8 M)
23
Capitalize Albany Corporation
The mission of Capitalize Albany Corporation is to facilitate strategic economic development and stimulate transformative investment throughout the City of Albany, making New York’s Capital a vibrant place to thrive.
T
he City of Albany is poised for unprecedented success. Ongoing, strategy-driven economic development, the Region’s strengthening assets and inclusive neighborhood revitalization are inspiring investment throughout the City. Whether you’re an inspired entrepreneur, an established small business owner, looking to distinguish yourself or your company in the corporate world, or driven to make a lasting impact in a local community — we are ready to work with you and showcase Albany’s dynamic and supportive environment. Our talented and dedicated team is guided by an impactdriven Board of the highest-caliber business leaders in the City. I encourage you to talk with us about how to elevate your project, grow your business and invest in the Capital City. Sincerely,
Sarah Reginelli President, Capitalize Albany Corporation
24
2
0 Capitalize Albany Corporation Board
1
Chair: Michael Castellana President & CEO, SEFCU Vice Chair: Anders Tomson President & CEO, Chemung Canal Trust Company Treasurer: John S. Harris Esq. Partner, Brown & Weinraub, PLLC Secretary: Thomas Owens Esq. Counsel Kaweeda Adams Superintendent, City School District of Albany Heather Briccetti Esq. President & CEO, The Business Council of New York State Robert M. Curley New York State Chairman, Berkshire Bank Michael M. Fancher Vice President of Business Development and Economic Outreach, SUNY Polytechnic Institute David A. Parente Director, McVeigh Funeral Home, Inc. Susan Pedo Adjunct Professor, UAlbany, Communications & Public Affairs Consultant Sonya del Peral Proprietor & Manager, Nine Pin Ciderworks Matthew Peter Executive Director, Albany Parking Authority Dr. Havidán Rodríguez President, University at Albany Jeffrey Sperry Associate Broker, CBRE – Albany Dr. Karen Torrejon Founder and CEO, Glauconix, Inc. Michele Vennard Retired, Former President & CEO, Discover Albany John Vero Esq. Partner, Delaney Vero, PLLC
8 Capitalize Albany Staff Sarah M. Reginelli - President Michael Bohne - Communications & Marketing Assistant Andrew Corcione - Economic Developer Joseph Landy - Senior Economic Developer II Ashley Mohl - Senior Economic Developer II Mark Opalka - Controller Genevieve Zurowski - Executive Assistant
Our partners are critical to the success of each of the projects listed. A special thanks to the City of Albany Industrial Development Agency and Capital Resource Corporation Boards.
City of Albany Industrial Development Agency and Capital Resource Corporation Board Chair: Tracy Metzger Founder & Owner, TL Metzger Vice Chair: Susan Pedo Adjunct Professor, UAlbany, Communications & Public Affairs Consultant Treasurer: Darius Shahinfar Treasurer & CFO, City of Albany Secretary: Lee Eck Business Representative, International Union of Painters and Allied Trades, District 9, Local 201 Dominick Calsolaro Former Elected Member, Albany Common Council & Retired, New York State Legislative Bill Drafting Commission Jahkeen Hoke Co-founder, 4th Family Inc. Robert Schofield Partner, Whiteman Osterman & Hanna, LLP
21 Lodge Street, Albany, New York 12207 www.capitalizealbany.com