Albany County Land Bank looking for developer for third cluster project

ALBANY – The Albany County Land Lender is seeking for a improvement team ready to take on 1.8 acres along Ontario Street in the city’s Beverwyck neighborhood.

The proposed advancement is the third so-identified as “cluster development” the land lender has released in the last two decades as it tries to bundle underused unique lots into larger developments that can entice builders.

Adam Zaranko, the land bank’s government director, reported the eyesight for the Ontario Avenue venture is the generation of mixed-money affordable housing together with a multi-goal community space. Zaranko reported that area could accommodate nonprofits or modest businesses with connected makes use of, such as a professional medical or dental office.

Zaranko pointed to the Blake Annex in downtown and the Albany Center for Economic Success’ modest company incubator on Orange Road as very similar projects for that multi-objective area.

“We truly feel like we’re in a unique position as a land bank and we’re likely to try and do something unique,” he mentioned.

The vision was the result of neighborhood outreach and discussion with groups in the community, he stated.

The four qualities are 130 and 135 Ontario St., which incorporate two vacant structures, and two vacant plenty at 134 and 154 West St., totaling just in excess of 1.8 acres. They had been obtained by way of tax foreclosures.

The land lender gained interest from a selection of group teams for the attributes. But the vacant buildings need to have substantial redevelopment that is probable past people groups’ economical access and knowledge, Zaranko claimed. 

That is in which a developer will come in. The land lender would hook up its developer with teams by now intrigued in applying the room, delivering them completely ready tenants for that neighborhood place.

The organization’s other two cluster developments are also going ahead.

Zaranko reported he expects to before long recommend a developer to the land bank’s board for a cluster of 22 properties close to the intersection of Clinton Avenue and Henry Johnson Boulevard.

The land bank is also transferring ahead with projects for additional than 60 attributes it packaged in the city’s South End neighborhood.

In the to start with section, the progress crew would establish 11 solitary-spouse and children, townhouse-type buildings at two areas. Individuals would be offered at an very affordable price to initial-time homebuyers, Zaranko claimed.

The second section is significantly far more expansive. The undertaking calls for 3 buildings with 50 models each individual of combined-cash flow, very affordable housing.

“We want it to glimpse like industry-level housing but be affordable to individuals,” Zaranko claimed.

Both of those tasks are continue to pursuing financing from the New York Point out Homes and Local community Renewal company. The land lender also used for some of the city’s federal rescue plan funding to assist near the funding hole.