Albany, NY • Capital Region · Albany County
Broad St, Clinton St, South Pearl St, Teunis St, Second Ave & Third Ave (64 Scattered-Site Parcels), Albany, NY 12202
$97.3M scattered-site redevelopment of 64 vacant, tax-exempt Albany County Land Bank parcels across Albany South End historic district into 62 new 2- and 3-story buildings containing 166 affordable housing units (50% to 80% ; 159,687 SF residential), 1,674 SF of ground-floor commercial space, and 26,048 SF of common area. City of Albany approved real property tax abatements ( Deviation Approval Resolution and Commercial/Retail Findings Resolution) on September 18, 2025, with construction slated to begin in 2026.
City of Albany IDA & Capitalize Albany· Sep 18, 2025
Returns 64 blighted tax-exempt lots to tax rolls, generating $3,465,252 estimated net benefit ($4.5M+ additional revenue over 30 years and $607,432 annually post-), 100 construction jobs, and 2 permanent FTEs.
Requires deviation approval and Commercial/Retail Findings Resolution under Albany Uniform Tax Exemption Policy; coordinated across 64 historic district parcels.
Public hearing held September 10, 2025 prior to September 18, 2025 Albany board approval.
Albany · Planning Board
575 Broadway, Albany, NY 12207
Albany · Planning Board
90 Shaker Road & 349 Northern Boulevard, Albany, NY 12204
Albany · Planning Board
10 Corporate Woods Drive, Albany, NY 12211