New York’s development professionals bring expertise, experience, best practices, and the resources of the state and their communities to every project they assist. These case studies are a sampling of those projects.
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Albany Park South Urban Renewal Plan
Park South, a nine-block area between University Heights and Washington Park, is an Urban Renewal Area which was designated by the City of Albany, NY, less than three years ago. This particular project, 16 New Scotland Avenue, required assembling properties to allow for a 50,000 square foot mixed-use building that would be a catalytic project for other distressed neighborhoods.
Project Need (problem)
Attracting commercial development along New Scotland Avenue is a priority and an integral part of the implementation of the Urban Renewal Plan. This new development is located along New Scotland Avenue in the heart of Park South. To enable a developer to begin planning for the development of a commercial building, there were several buildings that needed to be assembled to allow for construction to begin.
Project Solution
16 New Scotland Avenue is located within the Empire Zone boundaries. The Albany Local Development Corporation needed to secure the land along two blocks of new Scotland Avenue to allow the proposed commercial development to take place. The City of Albany, in conjunction with the ALDC, applied for Restore NY funding from Empire State Development to assist with project costs. ALDC was awarded $3.3 million of Restore NY funding to assist with the $20 million project. Other new construction projects are already underway and in the planning phases.
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New York State Economic Development Council
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New York State Economic Development Council
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Albany NY 12210