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Albany IDA Project Index

Auden Albany

Project Number: 01011703

Project Address: 1385 Washington Avenue

Applicant Name: 1385 Washington Avenue Associates

Owner(s): Jon Grant, Harvey Blonder, Clifford Mendelson, Gregg Wallace

Developer: Capital Solutions

Project Description:

The project consists of the demolition of the existing Red Carpet Inn (+/- 50,000 SF) and the construction of an approximate 101-unit (322 bed) for-profit student housing complex. The +/- 142,000 SF building will be constructed over a partially-underground parking garage of approximately +/- 48,000 SF with approximately 146 parking spaces directly across from the SUNY Albany campus. Inclusive of surface parking, there will be +/- 180 spaces. The rooms will be configured between 1 and 4 BDRM/BA combinations and will share common room space and a kitchen area. The units will be fully furnished and marketed to students, staff and faculty attending local universities. Further on-site amenities include an office area, fitness center, clubhouse, and courtyard area.

Approval Date: 04/01/2017

Estimated Net Benefit to Local Taxing Jurisdictions (PILOT): $1,996,201

Estimated Employment Impact: 90 Construction jobs and 7 full-time jobs created, 0 full-time retained

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