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Albany IDA Project Index

575 Broadway Holdings, LLC (Union Station)

Project Number: TBD

Project Address: 575 Broadway, Albany, NY 12207

Applicant Name: 575 Broadway Holdings, LLC

Owner(s): 575 Broadway Holdings, LLC

Developer: Redburn Development Partners

Project Description:

The project involves the historic renovation of the three-story structure at 575 Broadway, built in 1919 as Albany's Union Station. The redevelopment will result in a mixed-use structure including 50 workforce housing apartments, as well as approximately 25,000 sf of commercial space, intended to house a data center and a virtual reality theater.

Approval Date: 4/16/2026

Estimated Net Benefit to Local Taxing Jurisdictions (PILOT): The layout, age and inefficiency of this property are well known, making reuse of the property extremely difficult. Additionally, since the PILOT is predicated upon a % of EGI, should those economics ease and property generates revenue in excess of what is anticipated, the PILOT payments will capture that.

Estimated Employment Impact: The project is anticipated to create approximately 100 Construction Jobs and Retain 1 job.

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