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Albany IDA Project Index

The Argus Apartments

Project Number: 01011406

Project Address: 412 Broadway

Applicant Name: 412 Broadway Realty LLC

Owner(s): Marc Paquin and Gerry Gauer

Developer: Cass Hill Development Co.

Project Description:

The project consists of the conversion of a vacant five-story, 36,900 SF mixed-use retail and commercial office building into mixed-use retail and residential. The Applicant is proposing 32 residential rental units (floors 2 - 5) with one and two bedroom units. The first floor will include over 6,400 SF of rentable commercial space that could accommodate up to two potential commercial tenants.

Approval Date: 12/19/2013

Estimated Net Benefit to Local Taxing Jurisdictions (PILOT): $403,797

Estimated Employment Impact: 26 construction jobs and 8 full-time equivalent jobs created, 0 full-time equivalent retained

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