Latest phase complete of $7 million-plus restoration of Schenectady’s Foster Building. Complex includes luxury apartments, innovative office space, and retail tenants.
SCHENECTADY, N.Y. (March 9, 2018) – Sequence Development, a leading real estate and development firm based in Upstate New York, has announced the completion of the latest phase of its $7 million-plus investment and revitalization of the Foster Building complex in Downtown Schenectady.
“What originally looked to be a monumentally intensive project to rehab this icon of the Electric City’s history, we believed that an imaginative, multi-use concept would best fit alongside the growth of Downtown Schenectady,” said Jeffrey Buell, president and CEO, Sequence Development. “We’re thrilled to cap off this latest phase of the Foster Building transformation.”
The multi-use Foster Building complex is home to 21 luxury apartments, 7,000 sq. ft. of commercial office space, three restaurants, a spa, and two retail storefronts.
The Foster Building, built in 1907, was originally a fashionable hotel that catered to high profile guests that visited Schenectady as the city’s industrial base flourished. Just two doors down, the Schenectady Railway Building was the bustling hub of an elevated trolley system that operated from 1913 through the 1930s. These and two connecting buildings make up the four buildings of the Foster Complex. After years of neglect and many layers of ill-fated urban renewal, the buildings had fallen into significant disrepair. Today, the Foster Building is positioned for another century of Electric City innovation.
“The restoration of The Foster Building Complex was a key element for the renaissance of Downtown Schenectady. Through his talent, determination, and attention to detail, Jeff Buell has been able to restore and modernize this local landmark while preserving its Electric City history. I would like to thank Sequence Development and our unified economic development team for making this transformation a reality,” said Schenectady Mayor Gary McCarthy.
“I’m pleased to welcome Sequence Development and the grand opening of ‘The Foster’ to Schenectady and the 49th State Senate District, which will add to downtown’s revitalization and offer new places for people to live, work and recreate,” said Senator James Tedisco.
“Congratulations to Jeff Buell, Elizabeth Young Jojo, and the team at Sequence Development on revitalizing the historic Foster Building complex and breathing new life into this corner of Downtown Schenectady,” said Assemblymember Angelo Santabarbara. “These investments into our downtowns support job creation, new housing, and small business development and I couldn’t be prouder to be part of this occasion to mark the completion of this transformational project for the Electric City.”
“Absolutely stunning. Sequence Development has reclaimed the grandeur of classic buildings, while providing the latest amenities,” said Capital Region Chamber CEO Mark Eagan.
“We congratulate Sequence Development for completing this mixed-use building. Jeff Buell and his team did a fabulous job and the lease up has occurred faster than we imagined. The revitalized Foster Building is now a major asset for Schenectady,” said Metroplex Development Authority Chairman Ray Gillen.
“The ongoing transformation of the Foster Complex is a perfect example of what can be achieved when passion meets vision and perseverance. I applaud the team at Sequence Development on the latest phase of this remarkable project that is redefining what it means to live, work and play in Downtown Schenectady,” said Downtown Schenectady Improvement Corporation Executive Director Jim Salengo.
Led by Sequence with strategic partnerships at the Schenectady Metroplex Development Authority, Capital Bank, National Grid, the National Park Service, and New York State Historic Preservation Office’s Historic Tax Credit Program, the Foster Building project became a reality. The Facade of the Railway Building was completely removed, replaced with a modern interpretation of the original glass arched three story window the building once proudly wore. The Hotel Foster Building got a careful and intricate restoration of its delicate terra cotta facade, festooned with flowers and fruits.
Each apartment at The Foster has been carefully thought out and designed with an artistic aesthetic marrying the buildings’ unique historic details with modern finishes and fixtures. Potential residents can choose from one, two and three bedrooms, with views of State Street, the mountains, and iconic General Electric sign. Each apartment has hardwood flooring or restored terrazzo floors, stainless steel appliances, washers and dryers, ample closet space, subway and penny tile, soaking tubs, and video intercom system.
Financing was made possible by Capital Bank. Construction services were handled by MBM Construction Services.
About Sequence Development: Sequence Development (“Sequence”) is a leading real estate and development firm based in Upstate New York. Founded by Jeffrey Buell in 2012, Sequence’s approach takes an atypical perspective to properties in the 21st century. Sequence engages each project with a focus not on the single building, but on that building’s place in the larger community. With a primary emphasis on historic rehabilitation of mixed-use residential buildings, Sequence understands the importance even small projects play in positive place making and its potential impact on larger economic development initiatives.