Downtown Residential Development Progress on Track as 2018 Gets Underway

Downtown Residential Development Progress on Track as 2018 Gets Underway


As of 2018, more than half a million square feet of obsolete, vacant office space has been converted and more than $75 million worth of downtown residential investment has taken shape.

From Capitalize Albany | Click here to read original post

 

ALBANY, NY - January 16, 2018 - Since the downtown residential initiative’s inception in 2002, with progress driven by Impact Downtown Albany implementation, Albany’s newest neighborhood is becoming home to more and more.

 

As 2018 gets under way, the number of downtown apartment units completed and the hundreds currently under construction combined total more than 800 units. 

 

Supporting Impact Downtown implementation and utilized in the Plan’s development, Zimmerman Volk Associates downtown housing feasibility analysis findings identified downtown has the potential to grow 100-200 units annually for the next decade and downtown is on track to meet those projections.

 

As of 2018, more than half a million square feet of obsolete, vacant office space has been converted and over $75 million in Downtown residential investment has taken shape. 

 

Within the past five years alone, more than 380 new downtown residential units have come online—and right now more than 650 units are currently under construction or in the pipeline. Read more.