Schenectady, N.Y., January 18, 2018 — A week after issuing a report showing that it had helped to put 54 properties back on the tax rolls in Schenectady County, Metroplex today announced plans for a private developer to renovate 530 Franklin Street and return the property to the tax rolls.
Schenectady-based investor Chris Spraragen will buy and renovate the building. Mr. Spraragen recently completed a major renovation of 1023 State Street, which is leased by Ellis Medicine. His office is located in a former fire station on Erie Boulevard now an office complex called Edison Plaza.
Mr. Spraragen will purchase 530 Franklin Street from Northern Rivers Family of Services, the nonprofit agency that purchased the building in 2006. Northern Rivers will stay as an office tenant in the building and retain 70 jobs at the site. The new owner will invest nearly $500,000 to upgrade the building and add a new elevator. This will allow for the third floor of the building to be leased as office space. The building will also be returned to the tax rolls with the developer paying a Pilot (Payment in Lieu of Taxes).
Metroplex Chair Ray Gillen said, “We are pleased to work with Chris Spraragen to renovate 530 Franklin Street and put this property back on the tax rolls. This continues the development momentum downtown by renovating a major office building. We also thank Northern Rivers for their commitment to Schenectady.”
Chris Spraragen said, “This is a project that will renovate a key building, keep Northern Rivers downtown and create new office space due to the upgrades we have planned for the building. I would like to thank Northern Rivers and Metroplex for working together with my development company to renovate another major building in Schenectady, which is my hometown.”
Northern Rivers CEO William T. Gettman, Jr., said, “We are very happy to work with Chris Spraragen and Metroplex on this sale. We are even happier to announce that we are committing to a 10-year lease at 530 Franklin Street, ensuring that through our new partnership with Chris we can continue to serve Schenectady County from this important downtown location.”
Metroplex Pilots generated $15.68 million in revenue for local governments and school districts in Schenectady County last year.
About Northern Rivers
Founded where the Mohawk and Hudson meet, like the rivers that shaped our region, Northern Rivers Family of Services helps change lives by shaping the future of those we serve throughout the Capital Region and beyond. Comprised of parent company Northern Rivers and member agencies Northeast Parent & Child Society and Parsons Child & Family Center, we are a family of human service agencies who work together and are committed to helping children, adults, and families. Our quality of care, depth of programs, combined size and passion for the mission make us a leading provider. Informed by our 188-year heritage, our 1,400-strong workforce provides services for 16,000 children, adults, and families throughout 35 counties in New York State. For more information, call 518.426.2600 or visit northernrivers.org.