Former MVP Building Back in Business

Former MVP Building Back in Business

The Schenectady County Metroplex Development Authority today announced that the former MVP Building at 111 Liberty Street will be turned into 30 upscale apartments with a $3.6 million private investment helping to continue the momentum that is building on lower State Street in downtown Schenectady.

The Metroplex Board of Directors met today and approved the project.

111 Liberty Street has been vacant since MVP relocated to a larger 175,000 square foot building in downtown Schenectady in 2002. The new owners of the building plan to convert the 31,000 square foot office building into 30 upscale apartments with a ground floor fitness center.

The building is located just one block from lower State Street and parking for the building is located on lower State Street. The parking area will be completely renovated along with the vacant building.

The development team working on the conversion of the former MVP space to residential use includes Peter Luizzi and Saverio Minucci. Mr. Luizzi owns Luizzi Brothers Contracting, a paving and site work contractor located in Albany. Mr. Luizzi is building a project in Troy that includes 156 apartments and 60 condominiums.

Mr. Minucci is a successful business owner who owns a number of apartments for investment purposes. He previously owned and managed a large manufacturing company that he recently sold.

Mr. Minucci said, “Both Peter and I are excited to be working with Metroplex and Schenectady County to continue the revitalization of downtown. This building which borders the Stockade offers a great opportunity for new residential units in a part of downtown which is really gaining traction.”

Kevin Phillips from NAI Platform represented the buyers in the transaction.

“This project will be a great addition to our redevelopment efforts on lower State Street, breathing new life into a vacant building and bringing more people to our revitalized downtown,” said Tony Jasenski, Chairman of the Schenectady County Legislature. “We thank Mr. Luizzi and Mr. Minucci for their investment and for working with our unified economic development team to create a new use for this building that will add to the vibrancy of the Stockade Historic District and Schenectady County.”

Ray Gillen Metroplex Chair said, “We thank these investors for making a major $3.6 million commitment to downtown Schenectady and this project will certainly add to the momentum that continues to build on lower State Street.”

Metroplex will provide a grant of $225,000 to help fund building renovations. All City approvals for the project are in place and work should begin this summer.

In other action, the Metroplex Board approved a contract for $384,900 with Callanan Industries of Schenectady to repair vaults and other underground infrastructure on lower State Street area. This work will take place this spring to be followed by a major upgrade to the lower State Street area to include new curbs, sidewalks, new roads, plantings and other improvements.

The Board also approved a $75,000 façade grant for a new façade as part of a major upgrade to 1611-1613 Union Street in the Upper Union Street corridor.