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$110 Million Park South Redevelopment Plan

7/23/2013 2:45:00 PM

Albany Medical Center and Tri City Rentals Announce $110 Million Park South Redevelopment Plan

Plan for New Retail and Residential Space Continues Community’s Transformation

ALBANY, N.Y., July 23, 2013 — Albany Medical Center today announced the latest of a series of major initiatives to revitalize the community surrounding its main campus with new streetscapes, retail opportunities and housing options.

The $100-million Park South Plan for the Future, a public-private partnership supported by major Capital Region companies, will create mixed use residential and retail space and parking for the two blocks bordered by Myrtle and Dana Avenues and Robin Street and New Scotland Avenue.

In addition to $55 million invested by Albany Med, Albany-based Tri City Rentals will invest $55 million to develop two large mixed-use commercial and residential buildings on New Scotland Avenue and traditional urban neighborhood style apartments, for a total of 251 new market-rate apartments on land currently owned by Albany Med. In addition, the development will include substantial green space as well as off-street parking for the medical offices of the new building, apartment tenants, and the public.

Albany Med President and CEO James J. Barba, who was joined for the announcement by Albany Mayor Jerry Jennings and Tri City Rentals principals Morris and Norman Massry, said this investment represents the Medical Center’s ongoing commitment to achieve the vision of the Urban Renewal Plan adopted by the Common Council in 2006. Over the last seven years, Barba said the Medical Center’s efforts have resulted in more than $500 million in public and private investments that have helped attract several new retailers to this area.

‘The project that we are announcing today is a promise kept,” Barba said. “Nearly ten years ago. City leaders, based on significant public input, laid out a vision for rejuvenating an area of Albany that had over many years deteriorated to the point of putting the welfare of the community at risk. In reviewing that plan, Albany Medical Center pledged to do its part to make it a reality.

Over the past decade, Albany Med has worked with the City, private sector companies and our neighbors to fulfill the goal of revitalizing Park South and attracting investors who are making this neighborhood a shining example of urban renewal. I applaud the Mayor, the members of the Common Council and all of our private sector partners who have helped make this vision a reality.” he said.

Norman Massry said, “The Massry family is grateful to be working with Albany Med to continue the important work of enhancing the Park South community. With new and varied housing opportunities, green space and landscaping, our goal is to ensure that the new homes and retail outlets will bring a renewed vibrancy to this area.”

Mayor Jennings said, “Thanks to the support of Jim Barba and Albany Medical Center and their partnership with the city, the vision of the Park South Urban Renewal Plan is succeeding and the Park South community is once again a neighborhood of choice. Since the Plan’s adoption in 2006, Park South has undergone a dramatic transformation through the tireless efforts of the public sector, Albany Med, the private investors and developers taking on these projects and – most importantly – the dedicated residents who believe in their neighborhood. This project’s benefit to the community will mark a new era for Park South.

The plan includes:

  • Street-level retail with one- and two-bedroom upper floor apartments on New Scotland Avenue,
  • One- and two-bedroom apartments with off-street parking along the west side of Dana Avenue and on both sides of Morris Street.
  • A courtyard of green space connecting Dana Avenue and Morris Street.
    • A five-story, 135,000-square-foot medical office building on Myrtle Avenue between Morris Street and New Scotland Avenue.
    • An 875-car parking garage connected to the medical office building and fronted by green space.

Under the agreement, the Medical Center will lease a substantial portion of the land it owns to Tri City Rentals, a leading owner and manager of apartment communities throughout New York State. Albany Med will own the medical office building and parking garage on Myrtle Avenue which is expected to house both Albany Med faculty physicians and community physician practices.

The Albany Med project aligns with the Park South Urban Renewal Plan that was produced by the Albany Local Development Corporation, and issued in March 2006 by the Common Council, for a nine-block area bordered by Madison Avenue, Myrtle Avenue, Robin Street and Delaware Avenue. The objective of that plan was to “create a vibrant and healthy mixed use and mixed-income urban neighborhood that seeks to reinforce the existing historical fabric, density and diversity of the neighborhood while enabling new mixed use development opportunities.”

The construction is projected to begin in early 2014, and to be completed by the end of 2015.

Jeffrey Gordon

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