Albany IDA Project Index
The Arcade Building
Project Number: 01011407
Project Address: 482-488 Broadway
Applicant Name: 488 Broadway Arcade LLC
Owner(s): David Sarraf, Harris Sarraf, Yahya Saraf
Developer: Fairbanks Properties
Project Description:
The project consists of the conversion of an approximately 75,000 SF mixed-use retail and commercial office building into mixed-use retail and residential. The Applicant is proposing 68 residential rental units (floors 2 - 5), of which 28 will be studios and 40 will be one bedroom apartments. The first floor will include 12,000 SF of rentable commercial space that could accommodate up three to ten potential retail tenants.
Approval Date: 12/19/2013
Estimated Net Benefit to Local Taxing Jurisdictions (PILOT): $403,797
Estimated Employment Impact: 55 construction jobs and 20 full-time equivalent jobs created, 0 full-time equivalent retained
Project Documents
Project Documents
- Final Project Summary - 488 Broadway Arcade LLC
- PILOT Agreement - 488 Broadway Arcade LLC
- Approving Resolutions - 488 Broadway Arcade LLC
- Application - 488 Broadway Arcade LLC
- PARIS Report - 488 Broadway Arcade LLC
Meeting Materials
- IDA Finance Committee Minutes 5.8.13
- IDA Board Materials 9.19.13
- IDA Finance Committee Materials 11.13.13
- IDA Finance Committee Materials 12.11.13
- IDA Board Materials 12.19.13
Meeting Minutes
- IDA Finance Committee Minutes 5.8.13
- IDA Board Minutes 9.19.13
- IDA Finance Committee Minutes 11.13.13
- IDA Finance Committee Minutes 12.11.13
- IDA Board Minutes 12.19.13
Public Hearings
Project Images - Thumbnail Option
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