Schenectady, N.Y., June 11, 2014 – The Schenectady County Metroplex Board of Directors met today and approved a $1.3 million investment that will create 10 loft apartments and ground floor retail space on lower Union Street in Downtown Schenectady.
The project will begin construction this summer as all local approvals are in place. This is the second phase of the Lofts at Union Square. The first phase, which has already been completed, included eight town home apartments at the corner of Union and Barrett Street. The second phase calls for the construction of 10 loft style apartments plus 2,370 square feet of retail space on the ground floor in a new four-story building on lower Union Street.
The project is being developed by Christopher Maddalone and Charles Rosenstein. The developers are also completing work on 11 new apartments at the former Spencer Business School at 200 State Street. Mr. Maddalone is a Schenectady native who owns and operates a property management, real estate development and construction company. Mr. Rosenstein is an Albany based real estate attorney. The partners have also developed residential projects in Albany.
Financing for the project is being provided by Kinderhook Bank. Metroplex is providing a $90,000 grant toward façade and other construction costs.
Ray Gillen, Metroplex Chair said, “This project continues our successful efforts to redevelop lower Union Street while it also brings more residential and retail space on line in downtown Schenectady. We thank the developers for their ongoing investments in Schenectady County.”
The Metroplex Board also approved a contract with Dan’s Hauling of Albany for $138,563. The bid calls for the demolition of buildings on Eastern Avenue as part of a joint effort by Metroplex and Schenectady’s Land Bank to improve the Eastern Avenue corridor. The four buildings to be demolished are located at 722, 803, 821 and 870 Eastern Avenue. A total of five demolition bids were received and Dan’s Hauling submitted the low bid.
For more information, see www.schenectadymetroplex.org