BY PETE DEMOLA, The Daily Gazette
SCHENECTADY, N.Y. — Redburn Development Partners own a rapidly-expanding chunk of downtown real estate.
Redburn put in for $2.75 million in Schenectady Downtown Revitalization Initiative (DRI) funds for an ambitious series of projects that would transform the Clinton Street corridor.
“If that goes though, we will purchase the building,” said Redburn principal Jeff Buell.
The sale currently is pending.
Purchase of the sprawling three-story structure with multiple marble storefronts would sew up the 500 block of State Street for the developers, whose headquarters are located in the recently renovated Foster Building located on the block.
The developers are currently negotiating with prospective tenants to fill the 60,000-square-foot Bank of America building, whose lone remaining tenant is Bank of America after Eddy SeniorCare moved its day program for senior citizens to Rotterdam.
Buell stopped short of disclosing a sales price, but estimated total project costs could reach $15 million.
The bank branch occupies just 6,000 square feet of space in the building.
“It’s severely underutilized, to say the least,” said Schenectady Metroplex Development Authority Chairman Ray Gillen.
The building dates back to 1834, when it was established as the Schenectady Savings Bank.
The purchase is just one component of Redburn’s broader $38.7 million effort to redevelop three blocks of Clinton Street, a pathway both Redburn and local officials acknowledge is underdeveloped.
Buell hopes to create an economic corridor from the I-890 ramps, up Clinton Street and into downtown.
Other DRI projects — including a city-sponsored project to reopen a closed strip of North Jay Street to Erie Boulevard — would then carry that momentum through Little Italy and ultimately, Mohawk Harbor.