Schenectady, N.Y., September 17, 2008 – Schenectady County leaders today announced plans for the “Lofts at Union Square” a $5 million mixed-use condominium and retail project on lower Union Street in downtown Schenectady.

The developer for the new project is Chris Myers. Mr. Myers also owns the Parker Inn, located adjacent to Proctors. Mr. Myers is active in developing residential units in the Capital Region having built more than 400 homes and condominiums. His latest project is the forty-four unit “Yates Farm” condominium project in Glenville.

Susan E. Savage, Chair of the Schenectady County Legislature said, “Our economic development efforts continue to bring new investment to Schenectady County. This mixed-use project is another example of the importance of public/private partnerships in revitalizing our communities.”

Chris Myers said, “The next step in Schenectady’s ongoing renaissance is high quality housing. The design and performance of this new mixed-use building is sure to attract both the young professional and the mature buyer. The Lofts at Union Square will offer luxury, maintenance free living, at a premier downtown location.”

The sixteen unit condo project will feature upscale downtown living just two blocks from the Stockade neighborhood and two blocks from Schenectady’s arts and entertainment district. The project also features 4,000 square feet of new ground floor retail space on Union Street. Each new condo unit will have its own garage and will feature the latest in energy efficient technology. The project will be built at the corner of Union and Barrett Streets in downtown Schenectady.

Ray Gillen, Metroplex Chair said, “The next stage of downtown development is to build and renovate more housing. This project is a major step forward for our redevelopment efforts.”

The Union Square project is eligible to apply for a $500,000 loan at 5% from Metroplex. The project is also eligible for façade funding.

Construction will begin later this year once all project approvals are in place.

Cynthia Quade, owner of Signature Homes Realty of Saratoga Springs, NY will handle marketing for the new condos. Ms. Quade was formerly director of sales and marketing for the Michaels Group, a leading home builder in the Capital Region. She can be reached at (518) 376-2965.