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Albany IDA Project Index

40-48 Pearl Street LLC

Project Number: 01011504

Project Address: 40-48 South Pearl Street

Applicant Name: 40-48 Pearl Street LLC

Owner(s): Christopher Maddalone, Seth Meltzer

Developer: Maddalone & Associates

Project Description:

The project consists of the revitalization of two adjoining vacant buildings encompassing 24,000 SF directly across from the Times Union Center. The property will be converted into 16 market-rate apartments on the upper floors, a 4,500 SF restaurant and three retail spaces of approx. 600 SF each at ground level.

Approval Date: 5/21/2015

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

Estimated Employment Impact: 15 construction jobs and 35 full-time equivalent jobs created, 0 full-time retained

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