$28 Million Investment Will Revitalize Long Vacant Shopping Center in Rotterdam

$28 Million Investment Will Revitalize Long Vacant Shopping Center in Rotterdam

Contact: Ray Gillen, Metroplex

(518) 377-1109

(518) 461-7137 (cell)

$28 Million Investment Will Revitalize Long Vacant Shopping Center in Rotterdam

Schenectady, N.Y., May 11, 2016 – The Board of Directors of the Schenectady County Metroplex Development Authority met this evening and approved plans for a $28 million redevelopment of the former Curry Road Plaza in Rotterdam.  Redevelopment of this site has been a top priority for Schenectady County’s unified economic development team.

Anthony Jasenski, Chairman of the Schenectady County Legislature said, “The redevelopment of this long vacant plaza has been a priority for the County Legislature and we’ve worked hard with our partners in the Town to get to this day.  The Richbell team has exciting plans for this site and we are pleased to work with them to turn an eyesore into an asset for the Town and County.”

The new development will be called the Residences at Vista Square.  The developer is the leading real estate development firm Richbell Capital. The Residences at Vista Square will be a top-tier rental apartment community with a total of 208 apartments. The site will contain eight residential buildings, clubhouse, outdoor swimming pool, coffee bar and fitness center.  Each building will have elevator service and in-building parking.

Richbell Capital (RBC) is a privately held, full service real estate company headquartered in Saratoga Springs.  RBC is a full service real estate development company including pre-construction services, construction management and property management.  RBC is the developer/manager/owner of The Paddocks of Saratoga, a 420 unit luxury apartment community in Saratoga and the recently completed Kensington of Halfmoon, a 200 unit luxury apartment community in the Town of Halfmoon. RBC is also the developer/manager/owner of a 408 unit luxury apartment community located in Albany County known as The Residences at Lexington Hills.  The company is also renovating the Adelphi Hotel in downtown Saratoga.

Metroplex is providing a $350,000 grant toward demolition costs to remove the vacant retail buildings now located at the 12-acre site.  Asbestos removal is now underway with demolition scheduled to start in June.  Construction will also get underway this month on a 2,200 square foot retail building facing Curry Road.

Ray Gillen, Metroplex Chair said, “We appreciate Richbell Capital’s investment in the Curry Road site.  We are excited to see this major redevelopment and smart growth project move forward.”

The redevelopment at Curry Road Plaza marks the fifth empty plaza successfully redeveloped by Metroplex including the former Capitol Plaza in Rotterdam, the former Kmart Plaza in Glenville, the former St. James Square in Niskayuna and the former Big N Plaza in Schenectady.

In other actions, the Metroplex board also gave final approval for a 65,800 square foot office and retail complex at Mohawk Harbor with a total investment of $25.2 million. This project is being carried out by the Galesi Group, based in Rotterdam, NY, and is part of the $480 million Mohawk Harbor development.

The Board also moved ahead with a $13.3 million plan to renovate the former Draper School in Rotterdam as 113 apartments to be called Draper Lofts.

In total, at Wednesday night’s meeting over $66.5 million in new investment for Schenectady County was approved by Metroplex.