Schenectady, N.Y. — The Schenectady County Metroplex Development Authority Board of Directors met today and took action on two projects that will continue redevelopment in downtown Schenectady.
First, the Board gave final approval to the Mexican Radio Project at 325 State Street. The project calls for a private sector investment of more than $3 million to transform the vacant former OTB Imperial Racing Building in downtown Schenectady into a two-story restaurant and banquet facility with the third floor reserved for offices and more residential development in downtown. The new owners of the three-building complex at the corner of State Street and North Broadway also operate successful restaurants in New York City and in Hudson, NY. Metroplex is providing $200,000 toward building renovation costs
Next, the Board approved a project that involves redevelopment of the former Schenectady Armory
The Schenectady Armory was built in 1936. The Armory was used as a military training facility until 2008. Earlier this year, the State auctioned the building and the winning proposal was submitted by Legere Restorations of Schenectady, NY. The company has extensive experience renovating older buildings including the former Alco headquarters building on Erie Boulevard.
Legere Restoration plans to use the former Armory to host sporting events such as volleyball and basketball leagues and tournaments, lacrosse and many other types of functions and events. The gym space in the Armory, formerly used by soldiers to drill, totals over 26,000 square feet of floor space. This is a larger floor space than the largest meeting room at the Empire State Plaza. It is also larger than the floor space at the Times Union Center and the Washington Avenue Armory in Albany.
The Armory has never been on the tax rolls as it was a federal government facility. Legere Restoration purchased the Armory for $260,000. Full taxes based on the purchase price for the next ten years would net the City/County/school district approximately $106,000 in tax revenue.
Metroplex negotiated a Pilot Agreement that will result in tax payments of $395,000 over ten years.
Ray Gillen, Metroplex Chair said, “We appreciate the cooperation of Legere Restoration in making Pilot payments on the Armory. We also expect this project to generate new sales tax revenue.”
Work on the Mexican Radio project is already underway. The Armory project will begin in 2013.