NewsOctober 18, 2023
Metroplex Approves Funding to Remediate and Demolish Seven Vacant Buildings in Hamilton Hill Neighborhood
The Metroplex Board of Directors has approved $550,000 in funding to remediate and then demolish seven vacant buildings in the Hamilton Hill neighborhood. The Capital Region Land Bank will then take title to the properties and work with two proven housing developers to construct new affordable housing for residents.
“This is a great example of the City’s codes and legal departments working hand in hand with Metroplex and the Land Bank to boost our neighborhoods,” said Mayor Gary McCarthy. “Not only are we clearing unsafe, vacant structures we are going to gain over $760,000 from the sale of these properties not to mention future revenues as we replace blight with new tax base,” McCarthy added.
The City of Schenectady won a judgement against the owner of the properties and will recoup over $760,000 once the sale is complete. A court appointed receiver has signed a purchase contract with the two developers to purchase the blighted buildings. Metroplex funding will be used to demolish the vacant boarded-up buildings and prep the sites for new development.
Richard Ruzzo, Chair of the Land Bank and a member of the Schenectady County Legislature said, “This takes the fight against blighted properties in Schenectady to a whole new level. We are pleased to join the city and Metroplex to move forward with this innovative private-public partnership that will add to the development momentum on Hamilton Hill.”
Recent investments total over $80 million including the Joseph Allen Apartments, the Hillside View development, Hillside Crossings and more.
The properties to be demolished include:
308 Schenectady Street
748 Albany Street
752 Albany Street
758 Albany Street
779 Albany Street
783 Albany Street
785 Albany Street
Metroplex is working with The Community Builders (TCB) and Five Corners Development on the project. TCB has worked nationwide to develop high-quality homes for families, seniors,
and people with disabilities. TCB currently owns and manages over 14,000 apartments, including the $60+ million invested in the Hillside View and Hillside Crossings developments located in the neighborhood. Five Corners Development is a minority-owned real estate investment and development company with experience in commercial and residential real estate in the Capital Region and New York metro region.
Demolition bids will be solicited by the Land Bank once the sale is closed with work expected to begin in early 2024.