JV Kicks Off Partially Affordable Albany Project
- Sep 06, 2021
Hudson Partners Development has started construction on Reserve at Towpath Trail, a partially affordable 88-unit project in Schenectady, N.Y.
The $12.8 million development located at the edge of an Opportunity Zone is a joint venture between Hudson, Enterprise Community Partners, the Community Preservation Corp. and the County Metroplex Development Authority. The property is slated for a 2022 delivery.
CPC sold the vacant land to Hudson in 2016 and is also providing a roughly $9.4 million funding package that includes both construction and permanent financing. Additional funding includes a $4.5 million investment by Enterprise through its Opportunity Zones Fund as well as exemptions on mortgage recording, sales and real estate taxes by the County Metroplex Development Authority.
The project, located at 2515 Van Vranken Ave., will rise on the plot of the scrapped Maxon Pointe development. Reserve at Towpath Trail will encompass four buildings of 22 units each. More than half of the units will serve residents earning 80 percent or less of the area median income.
Reserve at Towpath Trail is within 3 miles of downtown Schenectady and Schenectady County Airport. Union College and the Gerling Street retail corridor are less than 2 miles away. Downtown Albany is roughly 22 miles southeast of the development.
There are three projects underway totaling 404 units within 3 miles of Reserve at Towpath Trail, according to Yardi Matrix data. Two of the properties, which are fully affordable, are expected to come online this year, while a 260-unit market-rate property is slated for delivery in early 2022.
In July, Pennrose Properties opened the first phase of its public housing redevelopment less than half a mile away. The two-phase affordable housing development will bring 300 units to the metro’s inventory.