Albany IDA Project Index
Capital District Apartments
Project Number: 01011701
Project Address: 2 Thurlow Avenue
Applicant Name: Capital District Apartments, LLC
Owner(s): GSG LITHC Investor LLC, Capital District Apartments MM LLC
Developer: Preservation Development Partners
Project Description:
The project consists of the acquisition and renovation of the existing 136 units of Section 8 senior and handicapped housing located at 2 Thurlow Terrace. The 9-story structure was built in 1979 and encompasses 85,000 SF. Renovations will include, but are not limited to the following: new kitchens and baths including new appliances, replacement of all windows, improvements to common areas and upgrades to the elevators. Additionally, the developer will undertake needed roof repairs, improvements to sidewalks and parking areas, a new boiler system installation and exterior landscaping. The developer intends to sign an agreement to maintain the property as affordable housing for 40 years.
Approval Date: 03/01/2017
Estimated Net Benefit to Local Taxing Jurisdictions (PILOT): $2,298,940
Estimated Employment Impact: 75 Construction jobs and 0 full-time jobs created, 3 full-time retained
Project Documents
Project Documents
- Final Project Summary - Capital District Apartments
- PILOT Agreement - Capital District Apartments
- Approving Resolutions - Capital District Apartments
- Application - Capital District Apartments
- Project Benefit Agreement - Capital District Apartment
- PARIS Report - Capital District Apartments
Meeting Materials
- IDA Finance Committee Materials 10.12.16
- IDA Board Materials 10.20.16
- IDA Finance Committee Materials 11.09.16
- IDA Board Materials 11.17.16
Meeting Minutes
- IDA Finance Committee Minutes 10.12.16
- IDA Board Minutes 10.20.16
- IDA Finance Committee Minutes 11.09.16
- IDA Board Minutes 11.17.16
Public Hearings
Project Images - Thumbnail Option
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