Construction has recently begun on a new private student dorm facility located at 1385 Washington Avenue. The $30.5 million project, a 101-unit or 322-bed 142,000 sq. ft. student housing facility will create nearly 100 construction jobs, boost revenue to local taxing jurisdictions and assist in attracting top talent to Albany’s world-class institutions. The former Red Carpet Inn on site has been demolished and construction is underway.
This project qualified for an 8-year tax pilot program because of its former role as a motel site (we have demolished the exiting small hotel that’s currently on this site). The last housing study showed a need for at least 3,000 new beds in this market. That study was completed prior to the announcement by SUNY Albany that it would open up its enrollment and admit 2,700 new undergraduate students by the year 2020.
There are no new purpose built student housing projects on the books and we project the earliest a competitor could join the market would be July 2019. The sites immediately surrounding the school are not properly zoned or occupied by successful hotels which will further make providing walking distant student housing within a mile of the school very difficult.
We are using the same Architectural/Engineering, Development, and Construction teams we have currently in place on the 1745 Washington Ave site to further leverage cost sharing including a potential University Shuttle that both complexes could use in inclement weather.
The project will have amenities including a private outdoor courtyard, fitness and tanning center, clubhouse and gaming area, group study rooms, leasing and lobby space, mail room and computer labs. It will be sustainable design with finishes and design vocabulary similar to the project that we are presently completing at 1475 Washington Ave.