Schenectady, N.Y. – Schenectady County officials today announced that Angelo Mazzone, one of the most successful business owners and operators in the Capital Region, will invest $2.35 million in downtown Schenectady creating a first-class restaurant, loft apartments, renovated office space and a new specialty coffee shop in four buildings located on State Street.
Susan E. Savage, Chair of the Schenectady County Legislature said, “Today with Angelo Mazzone’s help and vision, we are making a giant step forward in our efforts to redevelop downtown Schenectady. In one fell swoop, we are taking four empty buildings and turning them into new and exciting retail/office and living space in a key block of downtown. When I took over as Chair of the County Legislature, I promised an aggressive, smart growth economic development effort. Today we place four buildings back on the tax rolls and move Schenectady forward once again.”
Mayor Brian U. Stratton said, “What better sign could we have that our economic development efforts are working than the return of Angelo Mazzone to the Proctor’s Block downtown. We appreciate this huge vote of confidence in the City by one of the most prominent business leaders in Upstate New York.”
Angelo Mazzone said, “Downtown Schenectady has always held a special place for me – it was where I began, and if I can be a part of the revitalization of that area, I am happy to do my part. My family and I are very proud of where we came from and are looking forward to seeing the old downtown successes reborn with the help and guidance of the new Metroplex leadership. It will not only benefit Downtown Schenectady, but the Capital Region at large.”
Senator Hugh T. Farley said, “This project brings people – not just offices — to Schenectady and is a giant step toward a 24-hour downtown! With quality housing, exciting restaurants, and class A office space, Angelo Mazzone’s investment promises tremendous vibrancy to State Street. It’s a vote of confidence by a respected local businessman, an incredibly visible improvement to a major section of State Street, and a boost to the city’s tax rolls.”
Earlier in his career, Mr. Mazzone operated several restaurants in downtown Schenectady. He currently owns and operates the Glen Sanders Mansion and provides catering and management to the Hall of Springs in Saratoga and is currently building a new restaurant in downtown Albany.
Mr. Mazzone, with his partner Paul Sciocchetti, a prominent local attorney, will purchase four buildings from Metroplex. The Close Building is a three-building complex connected along the streetscape at 420, 422 and 426 State Street. Over $1.6 million will be invested to renovate the three buildings with a restaurant and wine bar on the first floor and Class A office space on the second and third floors.
At the Whitbeck building at 414-416 State Street, a $550,000 renovation is planned to convert the first floor into a specialty coffee shop that will be open seven days a week. The top three floors will be converted to office space and loft style housing.
All four buildings will feature renovated facades which meet or exceed design guidelines put in place by the Downtown Schenectady Improvement Corporation.
Mr. Mazzone will purchase the four buildings, which are currently vacant, from Metroplex for $200,000 bringing the total investment in the project to $2.35 million. Proposed Metroplex funding for the project includes a $250,000 grant for facade improvements and a $980,000 loan.
Robert T. Farley, Minority Leader for the Schenectady County Legislature said “Angelo Mazzone, a hometown, Schenectady businessman, with a profound track record of success, is seeking to invest his considerable talents and capital in the new State Street entertainment district of downtown Schenectady. With the help of Metroplex, Angelo and his partners will provide a lynchpin that can make this vision of the 440 Block, become the Arts, Entertainment and Restaurant destination that our community has so long desired. Angelo has magic to his success and can transfer that quality to this new location. This is exactly the type of public encouragement to develop private sector business for which Metroplex was created.”
Gary Hughes, Chairman of the Committee on Economic Development and Planning for the Schenectady County Legislature said, “In the early 1980s, when I had just moved to Schenectady, one of my favorite restaurants was a place downtown in the 400 block called Peggy’s, owned by Angelo Mazzone. Peggy’s is long-gone, but it served as the one of the building blocks in Angelo’s food service empire and it is great to see Angelo coming back to downtown for what promises to be even more success.”
Frank Maurizio, President of the Schenectady City Council said, “This is an important and exciting component of the revitalization effort in downtown Schenectady. The mix of projects announced today is every urban developer’s dream, and moves us a giant step closer to being a 24-7 downtown that offers something for both Schenectadians and for visitors to our city.”
Ray Gillen, Chairman of Metroplex said, “This project will be a catalyst for additional investment and jobs downtown especially on the Proctor’s Block of State Street. To have a well respected business owner like Angelo Mazzone put his stamp of approval on downtown’s future sends a powerful message that Schenectady is open for business. I appreciate the outstanding support that we received from the County Legislature, the City and the Metroplex Board as we put this project together.”
Renovations to the four buildings are scheduled to begin later this year with a late 2005 opening date.