A Promise Kept
Albany Med’s latest initiative to revitalize the community surrounding the main campus will bring new streetscapes, retail outlets, and housing options to the area, promising to make the area more attractive for businesses and residents.
The Plan Includes
“Over the past decade, Albany Med has worked with the city, private sector companies and our neighbors to fulfill the goal of revitalizing Park South and attracting investors who are making this neighborhood a shining example of urban renewal,” Barba said.
In addition to $55 million invested by Albany Med, Albany-based Tri City Rentals will invest $55 million to develop two large mixed-use commercial and residential buildings on New Scotland Avenue and traditional urban neighborhood-style apartments, for a total of 251 new market-rate apartments on land currently owned by Albany Med. The development will also include substantial green space as well as off-street parking for the medical offices of the new building, apartment tenants, and the public.
The Medical Center will lease a substantial portion of the land it owns to Tri City Rentals. Albany Med will own the medical office building on Myrtle Avenue to house both Albany Med Faculty Physicians and community physician practices, as well as a parking garage to be available for the physician offices, retail outlets and apartment tenants.
Since 1994, Albany Medical Center has worked with private developers to invest more than $500 million to revitalize the New Scotland corridor and improve the amenities and infrastructure of this area.