News
July 27, 2015Downtown Albany BID Announces Residential Open House
The Downtown Albany Business Improvement District (BID) announces its Residential Open House event inviting the public to step inside eight residential properties within the District and experience living Downtown. Presented by Kinderhook Bank, the free self-guided tour will take place Friday, August 7, 2015, from 4 to 7 p.m. Participants can pick up their tour maps at Tricentennial Park (Broadway and Columbia Street) and enter to win a $250 gift certificate to the BID business of their choice.
Residential properties participating in the event include: 17 Chapel (17 Chapel Street), 23 North Pearl Street, The Arcade Apartments (488 Broadway), The Argus Apartments (412 Broadway), Beaver Lofts (83 Beaver Street), The Meginniss Flats (370 Broadway), Park Place at 60 State (60 State Street), and Steuben Place Apartments (40 Steuben Place).
Demand for residential properties in downtown Albany has grown by 83 percent since 2006, according to a Zimmerman Volk study on residential market potential commissioned by the Downtown Albany BID. From millennials to empty nesters and young professionals to retirees, the District is comprised of a broad spectrum of residents who are captivated by Downtown living, according to property owners and managers.
“This is further proof that Downtown is Albany’s newest neighborhood, a place with a growing variety of places to live as well as business owners who are working to provide goods and services for new residents,” said Albany Mayor Kathy Sheehan. “With each completed residential project, we continue to unleash the potential of the Downtown, a driver for jobs and opportunity in the City.”
Over the course of the last 10 years, $30 million has been invested in residential conversions within the District; by contrast, there has been $20 million in residential conversion investment in just the past 12 months. This year, 139 units will come online within the District or abutting it at projects including 28 units at 58 N Pearl Street (Steuben Place Apartments), 60 units at 482 Broadway (Broadway Arcade Building), 32 units at 412 Broadway (The Argus building), and 29 units at 733 Broadway.
“We are in the midst of a renaissance with Downtown residential occupancy rates of over 97 percent, and over half of the properties are reporting waiting lists,” says Steffens. “Pair that with new projects leasing units before construction is complete and you see the nationwide trend for urban living being exemplified in our District. More than just living Downtown, residents’ excitement extends to our historic architecture, walkability, and plethora of arts and entertainment, retail and dining options.”
Results of the Zimmerman Volk study showed that downtown Albany should be able to support just under 300 new market-rate units annually through 2018. With an additional 200 apartments in the pipeline, these residential conversion projects reuse vacant Class C commercial space in turn reducing the surplus of unused real estate.
Ongoing investment in the residential sector is having a significant impact on area businesses, as residents offer a much higher spending potential than daytime employees. For instance, in a report for Downtown Columbus conducted by Boulevard Strategies, it was estimated that the annual spending potential of the 100,000 daytime employees was $150 million ($1,500 per person annually); in contrast, the 5,600 residents had spending potential of $45 million ($8,035 per person annually). In Seattle, Washington, a study by Metropolitan Improvement District showed that Downtown residents spent $445 million per square mile compared to employees’ $366 million. In downtown Albany, that impact can be seen at various businesses including Coulson’s News & Deli’s recent addition of a deli counter as a new amenity, and the forthcoming Mexican restaurant Ama Cocina that’s slated to open this summer.
“Kinderhook Bank is committed and invested in Albany with our new branch at 39 North Pearl Street and with the financing of several Downtown properties,” says chief executive officer John A. Balli. “We’re very excited to be participating in the continued growth of downtown Albany.”
Happening on the same night as the Residential Open House is the Downtown Albany BID’s Fork in the Road, being held in conjunction with 1st Friday Albany. Taking place 4:00 PM to 8:00 PM in Tricentennial Park (Broadway and Columbia Street), the event will feature food trucks, vendors and live music by Kevin McKrell. For more information on the events and downtown Albany residential, visit downtownalbany.org.
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.
