Albany County Land Bank looking for developer for third cluster project

ByIda G. Payne

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ALBANY – The Albany County Land Lender is seeking for a development workforce willing to acquire on 1.8 acres together Ontario Street in the city’s Beverwyck community.

The proposed development is the 3rd so-called “cluster development” the land financial institution has launched in the last two a long time as it tries to deal underused unique heaps into more substantial developments that can appeal to developers.

Adam Zaranko, the land bank’s executive director, said the vision for the Ontario Road job is the generation of combined-revenue inexpensive housing along with a multi-function community house. Zaranko claimed that place could accommodate nonprofits or little corporations with connected uses, these as a medical or dental business office.

Zaranko pointed to the Blake Annex in downtown and the Albany Heart for Financial Success’ small small business incubator on Orange Road as comparable projects for that multi-purpose space.

“We truly feel like we’re in a exceptional posture as a land lender and we’re going to try and do a thing different,” he stated.

The vision was the consequence of group outreach and dialogue with teams in the community, he explained.

The 4 qualities are 130 and 135 Ontario St., which incorporate two vacant structures, and two vacant heaps at 134 and 154 West St., totaling just above 1.8 acres. They were being acquired through tax foreclosures.

The land financial institution received interest from a amount of local community groups for the qualities. But the vacant properties want major redevelopment that is most likely over and above all those groups’ economic attain and know-how, Zaranko said. 

Which is exactly where a developer comes in. The land bank would connect its developer with teams presently interested in applying the space, delivering them completely ready tenants for that group area.

The organization’s other two cluster developments are also moving ahead.

Zaranko stated he expects to before long recommend a developer to the land bank’s board for a cluster of 22 properties in close proximity to the intersection of Clinton Avenue and Henry Johnson Boulevard.

The land bank is also relocating forward with projects for additional than 60 properties it packaged in the city’s South End community.

In the first phase, the enhancement staff would establish 11 one-family members, townhouse-design and style properties at two destinations. Those people would be sold at an economical rate to very first-time homebuyers, Zaranko claimed.

The 2nd phase is a great deal a lot more expansive. The undertaking calls for 3 structures with 50 models each of blended-cash flow, inexpensive housing.

“We want it to glance like industry-amount housing but be very affordable to individuals,” Zaranko explained.

Both of those assignments are nonetheless pursuing funding from the New York Condition Households and Community Renewal agency. The land bank also utilized for some of the city’s federal rescue system funding to help shut the funding hole.


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