Governor Cuomo Announces Plans for Transformative Project in Downtown Albany

Redburn Development Will Invest $78 Million to Renovate and Rehabilitate Seven Prominent Buildings

December 14, 2018

Governor Andrew M. Cuomo today announced that Schenectady-based Redburn Development Partners will invest at least $78 million to transform seven properties in the heart of downtown Albany. The transformative project involves the renovation and rehabilitation of seven outdated and neglected properties, representing more than 450,000 square feet of space, to create new mixed-income apartments, commercial and retail space, and much-needed parking.

"The City of Albany is growing and thriving, and this significant investment will only further attract new businesses and residents to the area," Governor Cuomo said. "The renovation of these seven neglected properties will continue the city's downtown revitalization by creating new jobs and mixed-income housing that will strengthen the area for generations to come."

"Redburn Development has renovated vacant buildings in downtown Schenectady, fostering growth and economic opportunity over the last several years," said Lieutenant Governor Kathy Hochul. "This significant investment by Redburn will transform seven abandoned properties bringing new life to the area of downtown Albany with plans for apartments and commercial and retail space. I was proud to announce Albany as a Downtown Revitalization Initiative award winner earlier this year, and this additional state investment will further our efforts to grow downtown and strengthen the economy of the entire Capital Region."

Read the full press release here.