4 Central Avenue

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Project Number: 01011808

Project Address: 4 Central Avenue

Applicant Name: 4 Central Avenue

Owner(s): David Shemano

Developer: West Mall Office Center LLC

Project Description:

The project consists of the conversion of the Mayfair (currently vacant) into a mixed-use property, with 3,000 SF of retail to be located as a Central Avenue storefront and the remainder of the building to be converted into a total of 36 one-bedroom apartments. Based on a letter from the City of Albany Assessor (dated 03/20/2018), it is anticipated the assessed value of this property will increase from $300,000 to $3,098,000.

Approval Date: 7/19/2018

Estimated Net Benefit to Local Taxing Jurisdictions (PILOT): No PILOT

Estimated Employment Impact: 0 construction jobs and 5 full-time jobs created, 0 full-time retained

Project Documents

Project Documents

• Final Project Summary - 4 Central Avenue
• Approving Resolutions - 4 Central Avenue
• Application - 4 Central Avenue
• Project Benefit Analysis - 4 Central Avenue
• Project Benefit Agreement - 4 Central Avenue
• PARIS Report - 4 Central Avenue

Meeting Materials

• IDA Finance Committee Meeting 6.13.18
• IDA Finance Committee Meeting Materials 7.11.18
• IDA Board Materials 7.19.18

Meeting Minutes

• IDA Finance Committee Minutes 6.13.18
• IDA Finance Committee Minutes 7.11.18
• IDA Board Meeting Minutes 7.19.18

Public Hearings

• Public Hearing Notice - 4 Central Avenue
• Public Hearing Transcript - 4 Central Avenue

Meeting Recordings

• City of Albany IDA Board Meeting 3.19.20
• City of Albany IDA Board Meeting 4.15.20

Project Images - Thumbnail Option

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