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Albany IDA Project Index

The Swinburne Building

Project Number: 01011811

Project Address: 526 Central Avenue

Applicant Name: The Swinburne Building, LLC

Owner(s): Larry Regan

Developer: Regan Development

Project Description:

The project consists of the construction of a new 108,400 SF, five story mixed-use building. The Project will provide 21,400 SF of leasable commercial space on the first two stories of the building and will also contain 74 affordable housing units. Based on a letter from the City of Albany Assessor (dated 07/24/2018), it is anticipated the assessed value of this property will increase from $1,300,800 to $7,236,500, and the project will produce an additional $5,595,890 in revenue to the taxing jurisdictions over the course of the PILOT. Equinox will use commercial space within the development for back office operations and Whitney Young will operate a primary care facility within the project.

Approval Date: 9/20/2018

Estimated Net Benefit to Local Taxing Jurisdictions (PILOT): $5,595,890

Estimated Employment Impact: 65 Construction jobs and 47 full-time jobs created, 0 full-time retained

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