Schenectady, N.Y., June 20, 2007 — Metroplex today joined County and City officials to announce that the former MVP Building in Downtown Schenectady, vacant since 2001, will be converted into 32 luxury apartments with a $2.5 million private investment.
The former MVP Building has over 43,000 square feet of space. The building has been vacant since MVP relocated to a new corporate headquarters in Schenectady.
The building is located adjacent to the Stockade Historic District. The building is an ideal candidate for conversion to housing because of its proximity to the Stockade and other downtown attractions. The building fronts on Union Street in the Stockade while a rear entrance is on Liberty Street.
Gary Hughes, Chair of the County Legislature’s Committee on Economic Development said, “This project allows us to protect and preserve a key building near the Stockade while creating upscale residential units in the heart of the City — a key next step in redeveloping downtown.”
The building is owned by Mr. Reza Mahoutchian, President of Maxim Engineering. Mr. Mahoutchian has already successfully renovated 37 properties in the Capital Region including several properties in the Stockade Historic District. He plans to utilize the ground floor for commercial office or retail space, upgrade the façade on Union Street and complete the conversion of office space to housing by the end of 2008.
Mayor Brian U. Stratton said, “This is more great news for Schenectady. We know that building a vibrant downtown includes new residences. The former MVP building provides just the right fit for living in our new downtown. We are very grateful for Mr. Mahoutchian’s investment in our community.”
Mr. Mahoutchian said, “I look forward to bringing this important Union Street property back into the Historic District and making the building an integral and accessible part of the Stockade.”
Metroplex will provide a $100,000 loan at 4% interest and a $60,000 façade grant to support the project. Mr. Mahoutchian paid Metroplex $75,000 to purchase the small parking lot next to the building off of lower State Street.
Ray Gillen, Metroplex Chair said, “Maxim Engineering has a proven track record and we look forward to working with them to restore a key building downtown.”
Following renovations, the building will be included in the Stockade Historic District, the first historic district in New York State. Inclusion of the building in the Stockade Historic District fulfills a longstanding goal of the Schenectady Heritage Foundation and the Stockade Neighborhood Association.
The City Planning Commission has already approved the Project. Work is scheduled to begin later this year once the City approves building permits.