7 neglected properties in Albany to get $78M facelift
ALBANY, N.Y. (AP) — Seven properties in downtown Albany are set for renovations under a major revitalization project involving an upstate New York developer.
Gov. Andrew Cuomo announced Friday that Schenectady-based Redburn Development Partners will invest $78 million in the neglected properties located in the heart of New York’s capital city. The Democrat says the project will attract hundreds of new residents and create mixed-use residential, commercial and retail space along with additional parking.
The project will get a $5 million performance-based grant from Empire State Development, the state’s main economic development agency.
Among the properties in line for improvements are the vacant Kenmore Hotel, the Steuben Athletic Club and the former headquarters of the long-defunct Knickerbocker News.