Schenectady, N.Y., July 14, 2006 — Metroplex announced today that it has completed the sale of four buildings on State Street to Angelo Mazzone and Paul Sciocchetti. The four buildings at 414-416, 420, 422 and 426 State Street are located between Proctors and the new cinema/office complex under construction at the corner of State and Broadway.
“We are pleased that these four buildings located in a key spot on the Proctors Block will be renovated,” said Ray Gillen, Chair of Metroplex. “We are putting these buildings into the capable hands of two individuals committed to the future of downtown. They have been successful in many other ventures and we look forward to their continued success.”
Mr. Mazzone and Mr. Sciocchetti have purchased the buildings for $200,000 with plans to complete a renovation project worth close to $3 million. Metroplex is providing a $1.3 million loan and a $350,000 façade grant toward the renovation project.
Angelo Mazzone said, “Schenectady has come such a long way in the past few years. Although many had doubts, including myself, the improvements that have taken place are truly unbelievable. It’s wonderful that all of these plans are coming to fruition. Downtown Schenectady will return to what it used to be – THE place to go for the theater, dining and shopping. We are very excited to be part of downtown Schenectady’s exciting transition. On a personal note, opening a restaurant in the same place I started is exhilarating. It’s so good to be back!”
Paul Sciocchetti said, “We have been working on this project for a while, and Angelo and I are both excited that the deal has been finalized. We have some great plans for this space. You are going to see some real interesting uses and tenants in these buildings. Metroplex has created real buzz about downtown Schenectady. We are looking forward to being a big part of what is happening there.”
The four buildings will be turned into a mixed use complex ideal for the new downtown Schenectady including first floor retail space, second floor offices and loft apartments on the upper floors of the former Witbeck Building at 414-416 State Street. The first floor at 422 and 426 State Street will be the home to a signature Mazzone Restaurant that will add to the growing arts and entertainment scene in downtown Schenectady.
The buildings represent the last vestige of the former Canal Square complex. In the last two years, Metroplex has successfully redeveloped this site with the renovation of the former Cramer Building by Utech Products and the construction which is underway at the former site of the Hough Building where the new cinema/office complex is now under construction.
“We have replaced empty buildings and an empty lot with a new vibrancy downtown as a result of the unprecedented cooperation that is now taking place between City, County and Metroplex all pulling in the same direction to revitalize our community,” Gillen added.