Albany Development


By DIA, Section News
Posted on Sat Feb 09, 2008 at 04:44:42 AM EST

Someone recently commented on this blog that they were looking forward to the new condo developments downtown because those people would be added to the tax rolls and help pay the city's bills. I cautioned them on their enthusiasm. You see, those people signing up to buy half million dollar condos at the capital grand condo building have a slight incentive. They will pay essentially no taxes for the first 10 years they own the condo.
Moreover, he said, the Troy project faced steep competition from the Capital Grand condominium project on Broadway just north of downtown Albany. Hereijgers said that project benefits from a property tax break that dramatically lowers costs for buyers.

A buyer at Capital Grand will pay annual taxes of about $300, he said. Mooradians buyers, meanwhile, would have paid $7,000 to $8,000 a year, leading NADC to conclude its project was uncompetitive and unworkable.
That is some incentive.

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Albany Development | 16 comments (16 topical, 0 hidden)
No taxes.... (none / 0) (#1)
by alfrednewman on Sat Feb 09, 2008 at 07:03:58 AM EST
Hmmm. Maybe I should sign me up for one of them there condos. You figure that in 10 years the condos would be dated and the resale value would be substantially lower than a new condo. And I could save 70 grand in taxes.  

Oh NO.  DIA- the really nice tax break only lasts like 7 years.

For some information on Capital Grand and some very lovely photos......

http://readme.readmedia.com/news/show/The-Capital-Grand-Opens-Presentation-Center-Model-Suite/60171
"What? Me worry? " "whatmeworry.alfred@gmail.com"

Who will live here? (none / 0) (#2)
by Corruptany on Sat Feb 09, 2008 at 06:13:53 PM EST
Can someone tell me who is going to live in these new condos? Albany is known for its sprawl, problem is the culture identifies with that so most people who move here live in the burbs. The only demographic I see who might live there would be lobbyists, but most of them only come into town when the need to. I personally feel that this is a corporate handout aimed at making the city look like its developing when in reality its the same as it always was.

I am all for new developments in Albany, but I don't think our officials are banking on Albany's old school architecture. Come on, people pay millions for these buildings in other cities, in Albany we just let them fall apart. I can forsee these condos being built and lay dormant for a few years before the are turned into section 8.

Is Jennings and his gang that thick that they think that economic development is like "Field of Dreams", "If we build it, they will come". Come on, there isn't a market in downtown yet for condos mostly due to he fact that there is no retail, no markets, and is like a ghost town past workhours.

I can't forsee people in the Albany area living in downtown condos for a number of reasons. One is that most shopping and other things are in the suburbs. Number two, the public transportation is pretty bad. I can't see the condo types taking CDTA. I am afraid that this development is just another bad urban planning move that will make the city worse off in the long run.

[ Parent ]

Corrupt (none / 0) (#3)
by alfrednewman on Sat Feb 09, 2008 at 07:14:21 PM EST
I disagree. Build nice new buildings and people will come flocking back downtown.

"Historic Architecture" is just another term that means "economic stagnation".
"What? Me worry? " "whatmeworry.alfred@gmail.com"

I agree, somewhat (none / 0) (#4)
by Corruptany on Sat Feb 09, 2008 at 09:34:24 PM EST
Who will come town. Think of it this way, all of my friends who are Doctors and Lawyers all live in Colonie. They do it because they can have a nice house, backyard, and proximity to major area shopping places and the highways. Albany is a unique case from an urban planning perspective. Its not like somewhere like Providence, which has proximity to New England. Albany has been killed by the sprawl, and most people in the area are used to that. It would take allot to get them back down. Albany isn't really growing right now to.

I think if the right steps are took, downtown Condos could be something that will change the economy. Problem is, the city needs to build more office space to attract companies looking to seek cost savings. If more office space is produced in Albany, and the case is made to downstate investors that you can relocate here for less, and pay workers less due to the cost of living. If new high wage workers come in, they will most likely move to these places.

Another problem exists though, transporation. I think most people think bad things about buses. Why not invest in lightrail going down Central Ave. Doing so will create an economic catalyst that will make it easy for people to commute to the major area anchors like the malls, wold road, etc. As of now, someone living downtown is far away from everything except bars. Another thing that would work would be extending metronorth to Albany. If and when these new workers come, or if they are urbanites looking for cheaper settings, having a link to the major economic center would be beneficial.

I don't think condos is bad, its just not the right time for them yet. Think of it this way, look at the Celtics. They went from being a dystany to a joke. When Wyc Grousbeck bought the team he started invested in little things that were needed to make a Celtics Game worthwhile going to. He invested in new technology, new food outlets, marketing, etc to make coming to a game worthwhile.

Last season they had the worst team in the league, but sold out everygame. He created a place that kept people interested in coming. Then he attracted the top talent, and the Celtics have been reborn. I know this analogy seems odd, but think of it this way now. Albany needs to address little things that will make the city desirable like infrastructure, transportation, new offices. One downtown has something that will keep people there, its time to bring in the Condos to bring downtown to glory.

[ Parent ]

Rail (none / 0) (#5)
by AlfredMoisiu on Sun Feb 10, 2008 at 05:53:04 AM EST
I heard an excellent interview with the head of CDTA. They were going to embark on a light rail pilot project, but found it to not be cost effective.

To make the project feasible, you'd need to take advantage of existing rights of way. The problem is that those rights of way don't necessarily go to where people are. I think he said that a pilot project going to Saratoga County would cost $75 million. That's alot of coin.

Instead, they invested more in the bus system. The Northway Express service is doing really well, and existing ridership is up.

I take the bus a few times a month, and I think they have improved the system. They're more on time, the busses are cleaner, and routes that were empty like the 9 and 30 have people on them.

[ Parent ]

Nonsense (none / 0) (#15)
by Tom Paine on Tue Feb 12, 2008 at 12:46:11 PM EST
"Historic architecture" is a huge asset to cities like Montreal, Quebec city, Boston, Savannah, NYC, and many others. It all depends on how you use it. In Albany we crap on it.  

Two things keep middle-class families from settling in Albany: the perception of high crime and the perception of poor schools. Plenty of people who would love to live in the city stay away for those two reasons. It's not the old buildings keeping us down.

[ Parent ]

AM (none / 0) (#6)
by alfrednewman on Sun Feb 10, 2008 at 08:13:06 AM EST
The simple fact is that the railroads do go where the people are.  Most towns, with the exception of Clifton Parkinglot (which has no downtown) grew up around their train stations.

Part of the problem apparently was with the Canadian Pacific railroad and their reluctants to allow CDTA access to the former Deleware and Hudson trackage which serves Saratoga County.

They apparently were demanding new signaling and roadbed improvements.

   
"What? Me worry? " "whatmeworry.alfred@gmail.com"

Trolley (none / 0) (#7)
by Corruptany on Sun Feb 10, 2008 at 08:53:39 AM EST
Why not invest in a Trolley system. Back in the day, Albany was known for there Trolleys. Its 2008, many other cities around the world are being innovative in regards to transporation policies. Gas will be up to 5 dollars a Gallon soon. If and when this happens, who will want to live someplace where they have to spend and arm and a leg on gas. On that note, this is another factor that could contribute to Albany's rebirth.

If gas becomes so pricey, young people with families will have no other choice but to move back to cities. I think this would be great, but the cities need to think ahead and prepare for this. This is why I think its time for people to press for the creation of somesort of Trolley system connecting the major population centers within 15 miles of downtown Albany. It may not be cost effective at the moment, but if there is a gas crisis, won't we see a ROI.

[ Parent ]

FYI (none / 0) (#8)
by albany layman on Sun Feb 10, 2008 at 09:26:34 AM EST
Bus rapid transit

BRT is a waste (none / 0) (#9)
by Corruptany on Sun Feb 10, 2008 at 09:35:27 AM EST
They have BRT in Boston and its a joke. No one uses it, its always delayed, the buses break down all the time. To make matters worse, it only saves about 2 mins compared with the average bus. Another problem is people equate it with a bus and don't take it.

[ Parent ]
Corrupt (none / 0) (#11)
by alfrednewman on Sun Feb 10, 2008 at 09:53:36 AM EST
Are you refering to the silver line? I love that line. Can go to Harpoon to hotel without getting a DWI.
"What? Me worry? " "whatmeworry.alfred@gmail.com"
[ Parent ]
Layman (none / 0) (#10)
by alfrednewman on Sun Feb 10, 2008 at 09:51:17 AM EST
Just what we need. Anyone remember how much the bus station at the Washington Avenue Armory cost?
"What? Me worry? " "whatmeworry.alfred@gmail.com"
[ Parent ]
Not DOA? (none / 0) (#12)
by 1894 on Sun Feb 10, 2008 at 09:56:30 AM EST
Can someone tell me who is going to live in these new condos?

Naysaying is old sport Albany, but someone thinks this will work:

The Capital Grand has yet to be built, but it's dispelling any doubts there's a market for deluxe condominiums in downtown Albany.

Less than a month after a model unit opened at 733 Broadway, the developers said they have received deposits for 30 of the 125 units that would be built in the nine-story tower.

The money is flowing in before the official marketing campaign has even begun.

Business Review story
 

1894 (none / 0) (#13)
by alfrednewman on Sun Feb 10, 2008 at 10:10:08 AM EST
Thats because it is going to be a nice new building!  
"What? Me worry? " "whatmeworry.alfred@gmail.com"
Hmm (none / 0) (#14)
by Corruptany on Sun Feb 10, 2008 at 11:54:16 AM EST
Its all lies, come on. Lori Harris the former head of ALDC got a nice job from Norstar to get this project off the ground.

[ Parent ]
Paine (none / 0) (#16)
by alfrednewman on Tue Feb 12, 2008 at 01:56:23 PM EST
In many of the cities you list you will find a nice little historic district around a core of brand spanking new buildings. Everyone has a historic district.  

BILLIONS (with a "B") have been spent building new buildings in Boston. BILLIONS (again with a "b") will be spent on new buildings now that the "Big Dig" is done.  Its not the south end that attracts people to Boston. Its the High Spine!

http://en.wikipedia.org/wiki/Image:Boston_Skyline.jpg

Look closely at the photo above.  How many historic buildings to you see?
"What? Me worry? " "whatmeworry.alfred@gmail.com"

Albany Development | 16 comments (16 topical, 0 hidden)
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