Main Street Program Highlighted at Albany Ribbon-Cutting
DHCR's award winning New York Main Street program (NY Main Street) helped the City of Albany and a local development team rehabilitate a downtown building and transform vacant upper floors into apartments. The project received $60,000 in NY Main Street funds for interior building renovations.
Albany Mayor Jerry Jennings said, "This is a great project, and it's another high quality option for people who want to live in downtown Albany. Combined with other recent successes, this project is proof that our efforts are creating results. I want to congratulate developers Steve and Konstantin Moutopoulos for their hard work. Thanks to the DHCR, CPC, ALDC and the BID for their continued support and I look forward to other successful projects through these partnerships."
Brian Lawlor, Acting Commissioner of DHCR, said, "The City of Albany and its public and private partners have used the New York Main Street program for several downtown revitalization projects. Main Street dollars are at work in the Capital Region and across the state improving facades and interiors, and making vacant abandoned properties like 23-25 North Pearl Street vibrant and attractive places to live and do business. DHCR and the Office of Community Renewal congratulate Mayor Jennings, the Albany Local Development Corporation, the Community Preservation Corporation and the Downtown Albany Business Improvement District (BID) for this beautiful addition to the city and we look forward to working together in the future to increase residential and economic opportunities for Albany residents."
CPC Regional Director Chris Betts said, "The Community Preservation Corporation is pleased to be a part of Downtown Albany's renaissance. This is a great example showing that Downtown Albany has a strong demand for high quality loft apartments. Through a great public-private partnership, including Mayor Jennings, a great project has resulted." CPC is a nonprofit mortgage lender based in New York City that has provided financial and technical assistance to this and other downtown housing projects.
"I applaud Steve and Konstantin Moutopoulos for their commitment to downtown Albany. The transformation of their building - both inside and out - and the reclamation of upper floor use at 23 North Pearl Street," said Georgette Steffens, Executive Director of the Downtown Albany Business Improvement District. "This will provide fantastic apartment space and bolster the burgeoning residential community in the district."
"Albany is fortunate to have an excellent supply of buildings with upper floor space that is perfectly suited to these types of residential redevelopment uses," said Michael Yevoli Commissioner of Development & Planning for the City of Albany. "Given the success of projects like this one and other recent downtown residential developments, I am confident that this is just the beginning of good things to come for the City."
The New York Main Street program (NY Main Street) helps stimulate reinvestment in New York's traditional community and commercial centers by providing resources for building rehabilitation, including the adaptive reuse of critical "anchor" buildings. It also provides for façade renovations and streetscape enhancements and encourages investment in projects that provide economic and housing opportunities. In 2008, DHCR integrated the New York Main Street program with the New York State Community Development Block Grant program (NYS CDBG) to cut bureaucracy and make the programs more efficient and easier for communities to access. DHCR recently announced the availability of approximately $45 million in funding for the NYS CDBG and NY Main Street programs.
Additional Coverage of the Ribbon Cutting:
- Albany Business Review: Apartment Building Opens In Downtown Albany
- Capital News 9: Downtown Apartments Give Old Department Store New Life
- WAMC: Area City Looking To Attract Residents To Downtown
Last Updated: 01/29/10