$10 Million Investment Transforms Office Building into 73 Apartments
Developers Ten Plus Ten’s new 73 market-rate units were welcomed to Downtown on Monday, September 25, 2017 as officials came together for the ribbon cutting at 20 Park Residences, the latest completed project in the City’s newest neighborhood. Speaking at the ceremony were Ten Plus Ten CEO Israel Benchemhoun, Mayor Kathy Sheehan, the Community Preservation Corporation (CPC) Senior Vice President and Regional Director Michael Skrebutenas, and Downtown Albany BID Executive Director Georgette Steffens.
The completion of 20 Park Residences follows a change to the City’s zoning code for the property and over $10 million invested, including a $7 million construction loan from CPC. Prior to the conversion into upscale apartments, the five-story and nearly 95,000-square-foot building was zoned for commercial office space. In 2015, lawmakers changed the zoning code thereby creating an overlay district that permitted the project and allowing Ten Plus Ten to move forward with the project in a more streamlined manner.
“Projects like 20 Park Residences are precisely what we had in mind when drafting ReZone Albany. To see this property transformed from a vacant building into upscale residential is a great addition to Downtown, and I look forward to seeing more success in our City resulting from this initiative and the visionary developers who utilize it,” Mayor Sheehan said.
20 Park Residences marks the largest completed residential project to date within the District. As noted in a 2011 study by Zimmerman Volk study on residential market potential, Downtown can absorb 100-200 units annually, placing the District well within that range.
Leasing on the property began in May with all but 14 of the 73 studio-2 bedroom apartments currently rented. Units range from 587 to 1,378 square feet with monthly rents $875 to $3,000; features include 7-inch-wide Pergo floor planks, energy efficient stainless steel appliances, in-unit washer/dryer, Shaker-style cabinets, granite countertops in kitchens and bathrooms, and rainfall showerheads; the building also features a roof deck and on-site gym. Anyone interested in the apartments can call 714.496.9820 or inquire online at 20parkresidences.com.
“It was the growth of Downtown that led me to develop here and I am excited to be a part of the changing landscape,” said Benchemhoun.
The 20 Park Residences project continues CPC’s commitment to working with the City and their partners to invest in the resurgence of Albany and the Capital Region. Established in 1995, CPC’s Capital Region office has invested approximately $710 million and helped to finance the creation or preservation of more than 14,000 residential units.
“20 Park Residences speaks to how far the revitalization of downtown has come, and to the city’s commitment to creating an environment that encourages investment and smart residential growth. In addition to adding new housing to an area that badly needs it, 20 Park will connect its residents to transit, retail, business and other amenities that are critical to creating vibrant communities. My thanks to Mayor Sheehan, to the Downtown Albany BID, and to our new partners at Ten Plus Ten for their collaboration,” said Skrebutenas.
“Downtown boasts a residential occupancy rate of 97%. These residents, combined with the recently opened Albany Capital Center and the estimated 80,000 annual visitors it will draw, are transforming the fabric of our community and diversifying the array of shopping, dining, and experiences that are available in our District,” said Steffens.
20 Park Residences will be one of five residential properties participating in the Downtown Albany Business Improvement District’s annual Residential Open House on Thursday, September 28 from 5:00 – 8:00 PM. Other properties included in the tour are: The Argus Apartments (412 Broadway), Capital Center Apartments (99 Pine Street), Steuben Place Apartments (40 Steuben Street), and the apartments at 23-25 N. Pearl Street.
The Residential Open House is a free event for people who are interested in living in Downtown as well as for those who simply want to get an up-close look at the development taking place in Albany’s newest, thriving neighborhood. Check-in for the Open House will take place at the Pearl Street Pub (59-61 N Pearl Street). More information on the Residential Open House can be found on the BID’s website at downtownalbany.org.
About The Community Preservation Corporation (CPC)
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. To date, CPC has leveraged approximately $9.7 billion in private and public investment to finance more than 170,660 units of affordable housing. Our work with our partners has helped revitalize countless neighborhoods throughout New York, and provided quality housing for families, senior citizens, and individuals with disabilities. Follow us at communityp.com, and on Facebook, Twitter and LinkedIn.
About the Downtown Albany Business Improvement District (BID)
From international corporations, regional giants and locally owned proprietors, downtown Albany is more than business as usual. Accented by the powerful currents of the Hudson River to the motivating forces in the State Capitol, downtown Albany stands in good company with some of the greatest names in business today. Over 250 companies call downtown Albany home and signs like IBM, Microsoft and Windstream are seen throughout our historic streets. Since 1996, the Downtown Albany Business Improvement District (BID) has worked to restore, promote and maintain the character and vitality of improve the quality of life and overall image of downtown for those who work in, live in and visit the Capital City of the most famous state in the world. The Downtown Albany BID is a private, not-for-profit 501(c)(3) organization. For more information about the Downtown Albany BID please visit downtownalbany.org | @AlbanyBID or call 518.465.2143.
