The Schenectady County Metroplex Development Authority has announced that the 14,000 square foot former Spencer Business School Building at 200 State Street in Downtown Schenectady will be converted into 11 loft style apartments as a result of a $1 million private investment. The project will be reviewed by the Schenectady Planning Commission later this month with work scheduled to begin in the spring.
The project will be undertaken by Chris Maddalone and Charles Rosenstein. The development team recently completed the renovation of 12 apartments on Lafayette Street in downtown Schenectady and 8 new town homes on the corner of Union and Barrett Street also in downtown Schenectady. All 20 units are leased up.The two partners have also completed 23 residential units in the City of Albany.
“This is another great win for our unified economic development team and our efforts to continue the revitalization of downtown across Erie Boulevard and onto Lower State Street,” said Marty Finn, Schenectady County Legislator and Chair of the Committee on Economic Development and Planning.
“This project adds to the momentum that is building on lower State Street,” said Ray Gillen Metroplex Chair. “We appreciate this latest project by the Maddalone/Rosenstein team as they have an excellent track record in building and renovating downtown residential units.”
“I am very excited about this project and the continuing improvement of the downtown area. As Schenectady County continues to attract new business it drives the need for new high quality housing,” said Chris Maddalone.
“We look forward to continuing the success that we have had with our project at the Town Homes of Union Square," Chuck Rosenstein. "We believe the need continues to grow for downtown residential living and this project at 200 State Street will continue to meet that need.”
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The latest project involves a major renovation of 200 State Street creating 11 loft apartments in the three story building which is now vacant. The first floor will be renovated as retail space. The former WGY Stamp building at 142 State Street which is in very poor condition will be torn down. The building is an eyesore and hurts redevelopment efforts on lower State Street. Once demolition is complete, the lot will be used for parking and will be landscaped to create an attractive green space at the corner of South Ferry and State Street.
Metroplex will provide an $85,000 grant toward the $1 million project costs. In addition, a façade matching grant will assist with exterior improvements planned at 200 State Street.
The 200 State Street project is the latest in a series of new investments in lower State Street as the third stage of downtown development efforts gets underway.
Phase I involved the Broadway entrance to downtown, the Proctors Block, moving down Jay Street to the new Golub Corporation headquarters. Phase II is the renovated Erie Boulevard from an expanding GE Energy Campus to a rejuvenated Alco site. Lower State is Phase III.
A major façade improvement project by Metroplex and the building owner has been completed at the Stockade View Apartments, one of the largest buildings on lower State Street immediately adjacent to the former WGY Stamp building at 145 State Street. Madison Handbags has renovated the vacant Girl Scouts building at 131 State Street also with an assist from Metroplex. Schenectady County Community College (SCCC) is renovating 201 State Street. Transfinder plans to purchase and renovate 263 State Street using a recently awarded Regional Council Economic Development grant. The bus station on lower State is undergoing a renovation, the former state Armory is being redeveloped and Liberty Park will be expanded and renovated. The former YMCA Building at 13 State Street will be renovated once the renovation of 845 Broadway is completed allowing the residential program operated by the Capital District YMCA to be relocated. A new $11 million student residence complex is also part of the resurgence taking place in lower State Street.