The Downtown Albany Business Improvement District (BID) has received $60,000 in a Main Street Grant – and there are big plans for that money.
Officially, the grant will be used for something called “Mixed-Property Conversion”. What does that mean? From my understanding, it seems to mean changing a building into different types of space, but here are the specifics:
The grant will go towards the renovation of 60 State Street in downtown Albany. The new building is envisioned as a mix of apartments (about 11-16) above with a large, 10,000 sq ft restaurant below (see “Mixed-Property” and “Conversion” now?)
60 Street State was historically known as the National State Bank building. It was designed in 1901, built the year afterwards, and received more construction and renovation in the 20’s and 60’s, respectively.
In fact, the 1920’s vault underneath the historic building is still there, and the BID is imagining a series of private dining areas in the old underground walls.
This renovation will bring a lot of good to Albany’s center. The property has been vacant for a year, despite its prime placement at the gateway to the downtown area. And the new apartments will meet a demand for downtown housing which has been on the rise since 2006.
This great project isn’t isolated either – it’s propelled on the momentum coming from other construction endeavors for new housing, with 15 new studios and one-bedroom apartments at 4-6 Sheridan Avenue, 9 new apartments at 11 Pine Street and 518 Broadway, and 24 luxury condos at 17 Chapel Street.
All of these improvements work towards a common, close goal – an Albany more bustling, more beautiful than it already is.
For more information about Downtown Albany Business Improvement District, visit downtownalbany.com or call (518) 465-2143.
Do you think this renovation will help downtown? Are there other improvements you know about? Tell us!