SCHENECTADY, N.Y. — The Metroplex Board of Directors met this evening and approved seven projects that continue the rapid pace of smart growth development in Schenectady County.
The Board gave final approval to the new Hyatt House Hotel at Mohawk Harbor, a $23 million private investment in a five story, 73,000 square foot hotel to be built adjacent to the new Events Center at Mohawk Harbor. The new all suite-style hotel will feature a pool, outdoor patio, fitness facility, and waterfront access. The project will create significant new hotel occupancy tax and property tax revenue. The Board approved sales and mortgage recording tax benefits as well as a payment in lieu of tax (PILOT) agreement that collects 100% of the taxes on the vacant land where the hotel will be built and starts taxes on the building at 50% increasing 5% each year until full taxation occurs.
In Downtown Schenectady, Metroplex continues its efforts to redevelop 308 State Street at the corner of State and Erie Boulevard. The project involves renovation of three vacant buildings including the former Masonic Temple building as well as the former Chamber of Commerce Building and the former Rudnick’s store. The $11 million investment will be supported by $600,000 in funding approved by the Board at tonight’s meeting. Earlier, Metroplex received a $450,000 Restore NY award toward the cost of building renovations.
“With the Wedgeway building nearing completion across the street on Erie Boulevard, we are pleased to continue to push forward with our efforts to preserve and renovate these historic buildings in the heart of downtown,” said Ray Gillen, Metroplex Chair.
A third project approved this evening involves a growing technology company that will establish operations in Schenectady County. AirJoule, based in Delaware, will lease 12,000 square feet of space on Technology Drive in Schenectady. The company will create ten jobs with the potential to increase employment to twenty jobs in the next few years. Metroplex approved a $75,000 grant toward building upgrades. The company is involved in developing technology that uses air dehumidification to create water. Adam Field, a commercial real estate broker for Pyramid Brokerage, conducted the site search with company officials.
In the Union Street Historic District, the Board approved a $50,000 grant to help renovate 612 Union, an 8,000 square foot building that houses eleven apartments. Built in the 1890s, Metroplex funding will be used to improve the façade for the building.
Also approved was a call for a public hearing and the start of the required environmental review for the proposed $50 million redevelopment of the former St. Clare’s campus on McClellan Street. The project will transform the soon to be vacant hospital into a new residential development with the property going on the tax rolls for the first time since it was built in 1949.
Finally, the Board approved $95,000 to make roadway improvements on Broadway to service the fast-growing Broadway Commerce Park and awarded a contract worth $82,145 to Carver Construction to reseal and stripe Metroplex-owned parking lots.
