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Albany Med and Tri City Rentals Team Up

7/23/2013 9:00:00 AM

Albany Medical Center and Tri-City Rentals are teaming up on a $110 million redevelopment of a struggling neighborhood near the hospital campus that will include medical offices, retail stores, a parking garage and 240 apartments.

The investments in Park South, a nine-block area that suffers from street crime, illegal drugs, absentee landlords and boarded-up buildings, is the latest step in a decade-long effort by Mayor Jerry Jennings to improve the city neighborhood.

The plans are subject to approval by the Common Council. The hospital may also seek financial assistance from the city Industrial Development Agency.

The stretch of New Scotland Avenue closest to the hospital has undergone a major transformation over the past seven years with new office buildings, retail stores, hotel, and a parking garage. The hospital itself is wrapping up a $360 million expansion.

Albany Medical Center President and CEO James J. Barba said the public and private investments in Park South thus far have totaled more than $500 million.

Barba said at a press conference today he urged the hospital's board of trustees to pursue the latest project — a five-story medical office building and 991-space parking garage — at a cost of $55 million. The board didn't resist, he said.

Tri City Rentals, the area's largest owner of apartment complexes, will invest $55 million to build 240 apartments and 27,000 square feet of retail space in several multi-story buildings.

The redevelopment will involve demolishing numerous homes and businesses between New Scotland Avenue, Dana Avenue, Robin Street and Myrtle Avenue. More than 30 tenants will be moved to new homes by the end of this year, with assistance from the hospital, Barba said.

 

Full article: http://www.bizjournals.com/albany/blog/2013/07/albany-med-and-tri-city-rentals-team.html?ana=twt

Michael DeMasi

http://www.bizjournals.com/albany/blog/2013/07/albany-med-and-tri-city-rentals-team.html?ana=twt

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