Cuomo announces $78M investment into downtown Albany

ALBANY, N.Y. (WRGB) – Governor Andrew M. Cuomo announced that Schenectady-based Redburn Development Partners will invest at least $78 million to transform seven properties in the heart of downtown Albany.

Officials say the project involves the renovation and rehabilitation of seven outdated and neglected properties, representing more than 450,000 square feet of space, to create new mixed-income apartments, commercial and retail space, and parking.

"The City of Albany is growing and thriving, and this significant investment will only further attract new businesses and residents to the area," Governor Cuomo said. "The renovation of these seven neglected properties will continue the city's downtown revitalization by creating new jobs and mixed-income housing that will strengthen the area for generations to come."

The project is expected to bring over 450 new residents to downtown Albany.

The properties include:

The Kenmore Hotel (74 North Pearl Street) - renovation of the vacant 105,000 square foot building, constructed in the late 19th century, into a strategic mix of residential, commercial, retail, restaurant and rooftop event space.

Steuben Athletic Club (1 Steuben Place) - transformation of Albany's first YMCA into a mixed-use facility featuring public entertainment, restaurant, commercial and residential space.

The Knick (16 Sheridan Avenue) - renovation of the former Knickerbocker News headquarters into a commercial space with 133 affordable apartments that allow someone making less than $40,000 to live in a growing, walkable community.

Capital Repertory Theatre and Garage (111 North Pearl Street) - creating a center courtyard with new retail/commercial/restaurant space, and refurbishing the parking garage, including the façade and the iconic spiral.

39 Columbia Street - establishing new incubator space on the ground level, with studio work space for artists and residential housing on the upper floors.

Kennedy Garage (43 Columbia Street) - renovation of a 68,000 square-foot parking structure from the 1930s and creation of new housing on the top floor.

55 Columbia Street - renovation of a nearly 4,500 square-foot, two-story building to complement development efforts along Columbia Street.