Two new apartment buildings and retail space for six tenants could be built soon in Albany.
Maryland-based GSX Ventures wants to build a six-story, 206,756-square-foot apartment complex with 327 beds at 1211 Western Ave. near the University at Albany. The 118-unit apartment building would include about 12,000 square feet of office space and 1,400 square feet for a “quick service” restaurant.
The $33.5 million project would involve knocking down an existing office building on the property occupied by Sage Engineering Associates. Construction would begin in April 2018 and tenants could start moving in around April 2019.
GSX developed Aspen Albany, a 277-unit apartment complex on Washington Avenue Extension across from UAlbany, and is working on a $30.5 million, 322-unit apartment building farther down the same street.
FM Promontory Capital is hoping to redevelop the retail strip across from St. Peter’s Hospital. The Albany-based group is proposing a 93-unit, 88,267-square-foot apartment building and a 6,789-square-foot commercial and retail building at 563 New Scotland Ave. The retail space could hold six tenants.
The project is expected to cost $18 million, with construction beginning in April 2018 and tenants moving in around August 2019.
The strip currently houses the U.S. Post Office and a vacant space that was once a drug store. The group is proposing demolishing an existing house at 313 South Allen St., a garage and two commercial structures on the property. The post office would be remodeled and 33 apartments in a complex facing South Allen St. would be upgraded.
Both groups will give presentations to the Albany Planning Board on Nov. 16.
Click here to see the article in the timesunion of Albany.