Highbridge Development Plans New Office Building Downtown

New 10,000 Square Foot Building Headed for Fast Growing Broadway Corridor

June 21, 2006

Schenectady, N.Y., June 21, 2006 – Highbridge Development plans to construct a new 10,000 square foot mixed-use office and retail building in downtown Schenectady. Plans for the new building will be presented to the City Planning Commission for preliminary review later today.

The new building will feature 5,000 square feet of retail space on the first floor and 5,000 square feet of office space on the second floor. The total estimated cost for the project is $1.5 million.

John Roth, President of Highbridge Development said, “We are proud to be part of the continued revitalization of Schenectady. This new building will add to the rapid growth of the Broadway corridor, which is helping to transform downtown into a great entertainment, technology and retail center.”

Gary Hughes, Chair of the County Legislature’s Economic Development Committee said, “This mixed-use building will add to the vibrant downtown we are trying to create with office space upstairs and retail down. We appreciate John Roth’s continued investment and commitment to our community.”

Mayor Brian U. Stratton said, “Schenectady and the Broadway corridor are being transformed before our eyes. We have tremendous momentum on Broadway and the rest of downtown and our goal is to keep it going. John Roth and Highbridge Development have made a major investment in our city because they know that Schenectady is coming back strong.”

The new building will be located on the corner of Clinton Street and Van Guysling Avenue on property that currently houses a vacant garage that was formerly utilized by the Downtown Schenectady Improvement Corporation. Highbridge Development recently purchased the site from the city.

The new building will be built by Plank LLC Construction Services. A number of tenants have expressed interest in leasing space at the new building allowing the project to get underway.

In the past two years, Metroplex working in cooperation with Highbridge Development completed a new 22,000 square foot office building on Broadway that is 100% occupied along with a renovation of three adjoining office buildings that are also completely occupied.

In addition, Highbridge constructed a new 26,000 square foot facility for Quality Roofing Supplies on Van Guysling Avenue. Nearby, Villa Italia and Utech Products completed multi-million dollar renovations to buildings also located on the Broadway corridor. Later this summer, demolition will begin on the former Dorp Salvage facility at the entrance to Broadway creating additional shovel ready sites.

Once City approvals are obtained, the developer hopes to begin construction later this summer and open the new building by the end of 2006.

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