Albany County Land Bank looking for developer for third cluster project

Deborah K. Vick


ALBANY – The Albany County Land Financial institution is wanting for a growth crew keen to acquire on 1.8 acres alongside Ontario Street in the city’s Beverwyck neighborhood.

The proposed advancement is the 3rd so-referred to as “cluster development” the land bank has released in the last two a long time as it tries to bundle underused person heaps into larger developments that can attract builders.

Adam Zaranko, the land bank’s government director, mentioned the vision for the Ontario Road undertaking is the creation of mixed-profits inexpensive housing alongside with a multi-intent group room. Zaranko claimed that space could accommodate nonprofits or modest businesses with relevant utilizes, such as a clinical or dental business.

Zaranko pointed to the Blake Annex in downtown and the Albany Heart for Financial Success’ compact business incubator on Orange Street as identical jobs for that multi-function room.

“We feel like we’re in a one of a kind position as a land bank and we’re going to attempt and do anything unique,” he reported.

The vision was the result of neighborhood outreach and dialogue with groups in the neighborhood, he mentioned.

The 4 houses are 130 and 135 Ontario St., which comprise two vacant properties, and two vacant plenty at 134 and 154 West St., totaling just around 1.8 acres. They had been acquired via tax foreclosure.

The land financial institution acquired fascination from a amount of neighborhood teams for the houses. But the vacant structures want sizeable redevelopment that is likely over and above these groups’ fiscal attain and knowledge, Zaranko claimed. 

That’s in which a developer will come in. The land bank would hook up its developer with teams previously interested in employing the space, giving them prepared tenants for that group area.

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

Zaranko reported he expects to soon recommend a developer to the land bank’s board for a cluster of 22 qualities in the vicinity of the intersection of Clinton Avenue and Henry Johnson Boulevard.

The land lender is also moving ahead with initiatives for extra than 60 houses it packaged in the city’s South End community.

In the to start with period, the enhancement group would create 11 one-family members, townhouse-style properties at two locations. These would be marketed at an economical price to very first-time homebuyers, Zaranko explained.

The second stage is considerably additional expansive. The job calls for 3 buildings with 50 units every single of blended-income, very affordable housing.

“We want it to search like marketplace-fee housing but be inexpensive to persons,” Zaranko stated.

Both equally tasks are continue to pursuing financing from the New York Point out Households and Group Renewal company. The land bank also applied for some of the city’s federal rescue approach funding to help close the funding gap.


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