$25 Million Renovation of 845 Broadway in Downtown Schenectady to Get Underway as New York State Approves Tax Credit Allocation

January 14, 2013

Schenectady, N.Y. – Schenectady County officials today thanked Governor Cuomo for approving tax credits that will allow a $25 million renovation project to get underway at 845 Broadway in downtown Schenectady.

“These tax credits will allow for the renovation of a dilapidated building that sat vacant for too long, creating a modern housing facility for many in our community, especially our Veterans,” said Judy Dagostino, Chairwoman of the Schenectady County Legislature. “Thank you Governor Cuomo for providing us with a tool that will improve a major gateway into Schenectady County and create important construction jobs.”

Mayor Gary McCarthy said, “This support from Governor Cuomo puts Schenectady in a position where it can provide housing options to our residents especially Veteran’s who served this country and may now need some support with housing.”

The low income housing tax credits worth more than $11 million were approved by New York State Homes and Community Renewal, the state’s housing agency and provided the final piece of financing needed for the $25 million renovation project to begin. The 95,000 square foot, vacant four-story structure will be converted into 155 efficiency apartments each with their own kitchen, bath, bedroom and living area.

“Governor Cuomo has a long history of supporting the Capital District YMCA. We’re grateful to the Governor for joining our efforts to strengthen community by providing safe, affordable housing to those in need,” noted David Brown, President and CEO of the Capital District YMCA.  The Capital District YMCA will operate the building providing supervision and support services to residents on a 24/7 basis.

“This is a major construction project that has been green lighted by the Governor’s approval of tax credits. We are excited about moving forward with this project,” said Ray Gillen, Chair of the Schenectady County Metroplex Development Authority.

The NYS Office of Temporary and Disability Assistance was also instrumental in supporting the 845 Broadway project.

Other funding sources for the project include federal and state historic tax credits. The building at 845 Broadway is on the Federal Register of Historic Buildings making the project eligible for historic tax credits.

The building once housed the Mica Insulator Company founded in 1893 by engineers at the Edison Machine Works in Schenectady. The building at 845 Broadway was built in 1915.  It features wide open interiors and large concrete floor plates with extensive windows that make the building very suitable for conversion to housing.

All local approvals for the project are in place and work will start on the project in the next few weeks. A twelve month construction schedule is planned.

The project is being developed by the Galesi Group of Rotterdam, N.Y., the largest real estate developer in the Capital Region.  The builder will be Bonacio Construction.  Bonacio is currently completing work on the new Transfinder headquarters at 440 State Street in downtown Schenectady.  The architect is Re4orm Architecture of Schenectady.

After renovations to 845 Broadway are complete, residents at the current housing program at 13 State Street in Schenectady will relocate to the newly renovated facility. The YMCA has already relocated its fitness facility to 433 State Street.  The new fitness center at Center City has been a major success in drawing people to downtown.  The YMCA at Center City now has over 5,000 members up from 1,800 members when the facility was co-located with the residence program at 13 State Street.

The former Y residence facility at 13 State Street will be closed once residents are relocated to 845 Broadway.  The building will then be redeveloped by Metroplex as part of plans to redevelop lower State Street.


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