On Broadway, next to the headquarters of the state Lottery Division, a $3 million, three-story building under construction will have 18 apartments and about 7,000 square feet of retail space.
If you take say 2 million of that for 18 apts that's over $111,000 each. Someone could buy a house for that amount. Oh wait NO one wants to buy houses in the city. Me bad.
Read the whole story, so do these new "landlords" have to pay taxes or are they getting PILOTS also?
Quoted Text
Charles Rosenstein said, “We are proud to be a part of a successful revitalization of this great City and we look forward to providing the City and its residents with a brand new residential living option that we believe will benefit Schenectady for years to come.”
The two partners plan a second phase of the project which includes construction of a new building facing Union Street that will contain 14 apartments on three floors and ground floor retail space. They hope to break ground on this second project next year. The second project represents an additional $1.6 million investment in downtown Schenectady for a total new investment of $3.1 million.
Metroplex is providing a $150,000 grant toward the cost of site preparation. Metroplex is also providing a $200,000 loan toward construction costs at 5% interest.
Lower Union Street is just a short walk from Proctors, Union College and the Stockade neighborhood.
Ray Gillen, Metroplex Chair and Commissioner of Economic Development and Planning for Schenectady County said, “As downtown develops, we are seeing more interest in renovating and building upscale residential units. We thank Chris Maddalone and Charles Rosenstein for their commitment and new investment in Schenectady County.”
George Amedore & Christian Klueg for NYS Senate 2016 Pete Vroman for State Assembly 2016[/size][/color]
"For this is what America is all about. It is the uncrossed desert and the unclimbed ridge. It is the star that is not reached and the harvest that is sleeping in the unplowed ground." Lyndon Baines Johnson
Metroplex is providing a $150,000 grant toward the cost of site preparation. Metroplex is also providing a $200,000 loan toward construction costs at 5% interest.
For a building where rents will not factor into anything for the sales tax base (it's not a business), where a PILOT will offset any money coming into the City or schools AND in a City where the vacancy rates are skyrocketing!!
Alex, I'll take "Does Gillen Even Have A Clue" for $1,000...
is there going to be an influx of newcomers to Schenectady...???.....I am amazed and this and can't sell houses...so let's build aprts......and with help.....
SCHENECTADY — The Galesi Group will purchase and demolish the building housing the Schenectady County Department of Social Services on Nott Street and transform the 1.3-acre parcel into commercial office space, officials announced.
The county Legislature must approve the deal, which is expected to follow a public hearing in March. The hearing is to repeal earlier legislation that gave the building to Union College.
Under the latest proposal, the Schenectady County Industrial Development Agency will purchase the former school building at 487 Nott St. for $200,000. The IDA will then sell the structure to Galesi for the same price.Galesi will construct a new building on the site offering Class A office space, said Ray Gillen, chairman of the Metroplex Development Authority. Metroplex administers the county IDA. “Their plan is to develop another office building to complement the Golub headquarters facility, where site work is under way,” he said.
Galesi COO David Buicko was not available for comment.
The DSS site is located across Nott Street from Union College and next to the planned Nott Street headquarters of the Golub Corp. on the site of the former Big N.
Galesi had planned to construct four office buildings on the Big N site. But those plans changed when Golub took over the entire site, leaving Galesi to find a new location for tentative clients of the proposed buildings, Gillen said. “Galesi was chasing leads; there was some interest.”
Gillen said for the Galesi deal to work, the county must first repeal a law from 2000 that gave the DSS building to Union College. Union had wanted the building years ago for its U-Start business incubator program. It is no longer interested in the building, Gillen said. “We called and checked with them and they are supportive of developing the DSS site for private sector, tax-paying use.”
The college currently has two incubator buildings operating as nonprofit corporations at 2 and 4 Nott Terrace. The college’s program offers high-technology start-up businesses low-cost office space, shared resources and advice.
Gillen said the Union College deal “would have netted zero for the county and would have kept the building off tax rolls. The IDA will sell it to Galesi for $200,000 and Galesi will put it on the tax roll.”When the county proposed the deal with Union College, it had planned to relocate the DSS headquarters within months. Each year since, county officials have discussed moving DSS to various sites, including the County Office Building, while searching for a more permanent home.
Now, the county plans to relocate the Nott Street DSS staff to a building at 797 Broadway. The county signed a 20-year lease on the Broadway building with the Galesi Group, which owns it. The lease begins in January 2009 and will cost the county approximately $16 million over its term.
The county wants to leave the Nott Street building because it lacks security, does not provide adequate access for the elderly and people with handicaps and is not properly maintained. The building has been a target of criticism for the county for years.
a WHOPPING 52% DROP in home sales in the city is indicative of a renaissance?
Home values falling is indicative of a renaissance?
Increasing taxes on financially struggling homeowners who already pay almost the highest taxes in the country is indicative of a renaissance?
Seizing the properties of long time homeowner/taxpayers (who cannot afford to pay the taxes of the billionaires who contribute to the mayor and council) thus causing more blight when the city won't spend moneey to fix up the places - that's indicative of a renaissance?
Please explain how you claim there is a renaissance given the EVIDENCE of above FACTS????
Watch folks....
TOTAL SILENCE
The cowardly cuckoo is too CHICKEN to address the facts.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
SCHENECTADY — The Galesi Group will purchase and demolish the building housing the Schenectady County Department of Social Services on Nott Street and transform the 1.3-acre parcel into commercial office space, officials announced.
.....
Gillen said the Union College deal “would have netted zero for the county and would have kept the building off tax rolls. The IDA will sell it to Galesi for $200,000 and Galesi will put it on the tax roll.”
From the Gazette JULY 23, 2013 - the TRUTH cones out!!!!
Quoted Text
... Galesi bought the building for $1.....
And continuing on in the Gazette story dated July 23, 2013:
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"....he WOULD apply for any tax breaks available...."
And the TRUTH is that we all know that the FACT is the dems WILL, 100% GUARANTEE that the Dems WILL give him a 100% property tax exemption.
And from the very own mouth of King Phillip's employee
Quoted Text
"The city is making an investment to remove blight."
Hey Leesa, what about the blight in the NEIGHBORHOODS, where the taxpayers LIVE and PAY TAXES and pay Galesi's taxes too???????????
Leesa would NEVER answer that question
NONE of the dems would ever answer that question.
The city's tax base has just taken YET ANOTHER TUMBLE.
Mayor McCarthy and his team are doing a great job in the city. Keep up the good work.
But will NEVER address the MASSIVELY FALLING tax base.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
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