Schenectady, N.Y. — The Schenectady County Metroplex Development Authority announced today that Redburn Development Partners has agreed to purchase the former OTB headquarters at 510 Smith Street in downtown Schenectady. The board of directors of the Capital District Regional Off-Track Betting Corporation recently approved the sale of the building for $365,000.
Jeff Buell, a principal at Redburn said, “This is another historic building in a great location near Proctors that we want to redevelop for housing with a continued focus on affordable homes for young professionals and others who want to live and work downtown. We are excited to be saving another vital piece of Schenectady’s history.”
“Redevelopment projects like this contribute to Schenectady’s continued resurgence,” said County Legislator Gary Hughes, Chair of the Economic Development and Planning Committee. “Additional housing options will make downtown Schenectady affordable for more renters while contributing to the vibrancy of our downtown district.”
Ray Gillen, Metroplex Chair said, “We want to thank Capital District OTB for working with us to market this building. Of course, we are thrilled that Redburn will be renovating this space adding to the rapid pace of development in our resurgent downtown.”
John Signor, President and CEO of Capital District OTB said, “I want to thank Metroplex and Redburn Development for working together to make this sale happen. We are excited that this property will be put to good use by providing local residents with new housing options. We are also happy that our Schenectady location at 1629 State Street will now house our entire administrative team, making OTB operations more efficient and effective.”
Capital District OTB’s regional headquarters has relocated to 1629 State Street in Schenectady. The building at 510 Smith Street was originally used as the central police station in Schenectady from the 1930s to the 1970s when a new station was built at 531 Liberty Street. OTB has operated at the site since its formation in the early 1970s.
