Albany IDA Project Index

Kiernan Plaza

Project Number: 01011410

Project Address: 575 Broadway

Applicant Name: Fuller Road Management Corp

Owner(s): Research Foundation of SUNY and University at Albany Foundation

Developer: Fuller Road Management Corp (SUNY Poly)

Project Description:

Fuller Road Management Corporation (FRMC) on behalf of the College of Nanoscale Science and Engineering (CNSE) seek to redevelop the vacant Kiernan Plaza as the Smart Cities Technology Innovation Center (SCiTI Center) to serve as an urban catalyst for business innovation, economic vitality and educational outreach. The $10 million project will consist of the redevelopment of the long vacant Kiernan Plaza from a large single tenant commercial office building to a multi-tenant commercial office building. It is anticipated that the redeveloped building will accommodate up to 10-14 SCiTI companies. The Applicant is not only requesting financial assistance from the Agency, but has also made a request that the Agency exercise its power of eminent domain to assist with the acquisition of Kiernan Plaza. The use of eminent domain by the Agency will enable FRMC to purchase the property, which it cannot do under the current circumstances.

Approval Date: 06/20/2013

Estimated Net Benefit to Local Taxing Jurisdictions (PILOT): $0

Estimated Employment Impact: 50 construction jobs and 150 full-time equivalent jobs created, 100 full-time equivalent retained

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