Norstar and Metroplex Agree to Work Together to Renovate YMCA in Downtown Schenectady
Contact: Ray Gillen, Metroplex
(518) 461-7137 (cell)
Norstar and Metroplex Agree to Work Together to Renovate YMCA in
Schenectady, N.Y., October 8, 2014 –The Schenectady County Metroplex Development Authority and Norstar Development USA, L.P. today agreed to work together to convert the vacant former YMCA building at 13 State Street in downtown Schenectady into 61 senior apartments. The two organizations signed a Memorandum of Understanding (MOU) to redevelop the 104,000 square foot, four-story building on lower State Street.
Richard L. Higgins, President of Norstar said, “We are very excited to be partnering with Metroplex, Schenectady County and the City of Schenectady on the revitalization of this important historic building. We have been impressed with the economic transformation that has been occurring in Schenectady, and we are thrilled to have the opportunity to be a part of this dynamic effort”.
Norstar has already completed plans for the building and will seek approval from the City of Schenectady Planning Commission on October 15th.
Norstar will utilize historic tax credits to help build the project as the original structure was built in 1926. The company will also seek senior housing tax credits. The total project cost is estimated to be $18 million.
The renovated building will include on-site fitness, a library for residents, a community room and a media room for movies and entertainment. The building is located across the street from Schenectady County Community College, Liberty Park and CDTA’s Bus Plus station stop. Seniors living at 13 State will be able to access college programs, shows at Proctors, movies, fitness with both the new YMCA and YWCA located nearby and many other amenities. The building adjoins the Stockade Historic District including Riverside Park and an outdoor pool and walking path along the Mohawk River.
Metroplex will help market 8,650 square feet of commercial space on the first floor of the building including the former gym which includes a running track. The space will be renovated by Norstar as part of the development project. The commercial space will have a separate entrance facing State Street.
Anthony Jasenski, Chair of the Schenectady County Legislature said, “Congratulations to our Unified Economic Development Team for quickly identifying a new use for this building and an experienced developer to help us renovate the former YMCA. This agreement with Norstar will breathe new life into this historic building and add to the continued redevelopment of lower State Street.”
Mayor Gary McCarthy said, “The City of Schenectady welcomes the redevelopment of the former YMCA. This project is further proof that our joint efforts with the County and Metroplex continue to bring new investment and new jobs to Schenectady.”
Ray Gillen, Metroplex Chair said, “We are extremely pleased to be working with Norstar on this project that will preserve an historic building and add to the momentum we continue to see on lower State Street.”
Norstar is a full service development, construction and management company with offices in Albany and Buffalo, New York, Michigan, Texas and Florida. Currently, the company is developing a mixed-use project in downtown Albany that includes 29 market-rate apartments, office and retail space. The company has developed 500 senior apartments since 2009 in Florida and Michigan. Most recently, Norstar completed 153 senior units in Largo, Florida and 166 in Detroit. In the United States, the company owns more than 3,500 residential units. Norstar’s parent company is one of the largest developers in Canada with over 4 million square feet of commercial, residential, retail and industrial space.