Friday, April 11, 2008 Demolition on 4 Sch'dy buildings set for April 12 The Business Review (Albany) - by Michael DeMasi The Business Review
Four dilapidated buildings in the heart of downtown Schenectady, N.Y., are tentatively scheduled to be demolished April 12, clearing the way for a proposed $3.75 million retail and office complex.
The buildings at the corner of State and Clinton streets will be knocked down for a mixed-use development called Clinton Square.
"We are mobilizing for the demo to start, but there can always be snags," said Ray Gillen, chairman of the Schenectady Metroplex Development Authority.
Highbridge Development of Schenectady didn't have any signed leases with tenants as of late February but still planned to proceed with the demolition.
The 24,420-square-foot building that will be built on the site is designed to look like three separate storefronts.
John Roth, president of Highbridge Development, said no leases have been signed yet, but he is talking to some potential office users for the upper floors. Filling the first-floor retail space may take longer.
"I think the retailers are hesitant to move forward until they can really touch it, feel it and look at the building," Roth said. "Once that takes place and they look at the demographics, I think a couple of them will move forward."
Although the demolition will pave the way for new development, it has slowed plans to open a custom tailor shop and clothing store, La Sartoria II, at 447-451 State St.
Vincent Montesano said he is waiting until after the adjacent buildings are torn down before he stocks merchandise and opens the store. Interior renovations are finished but work remains on the facade of his building, he said.
He bought the three-story building in Schenectady from the Metroplex in May 2007 and hoped to open the store by last fall.
Montesano owns La Sartoria in downtown Saratoga Springs.
Friday, February 29, 2008 Developer pushing ahead with retail/office complex in downtown Sch'dy The Business Review (Albany) - by Michael DeMasi The Business Review
He has no signed leases for tenants, but developer John Roth is moving ahead with plans to remake a prominent corner in downtown Schenetady.
Roth, president of Highbridge Development in Schenectady, expects to demolish four dilapidated buildings at the corner of State and Clinton streets in March and build a $3.75 million retail and office complex called Clinton Square.
Construction would take about 10 months.
The 24,420-square-foot Clinton Square is designed to look like three separate storefronts on State Street but it's actually one building.
Roth said he's talking to three national retailers about leasing space and a professional firm about filling the second floor. He's in final negotiations to lease the space on the third and fourth floors.
"I feel Schenectady is in a prime position for retail end users with the new [Hampton Inn] hotel, with Proctors going in full swing and with the movie theater in place," Roth said.
Barnes & Noble has been mentioned by some as possibly being interested in opening a bookstore somewhere downtown, but Roth said he couldn't disclose any names due to confidentiality agreements.
Getting a national retailer would signal the latest step in the resurgence of downtown Schenectady, although Barnes & Noble could hurt a well-established, independently owned bookstore on Jay Street, The Open Door.
Owner Janet Hutchison declined to comment on the prospect of Barnes & Noble coming downtown but said, "I hope in general what we can attract is local, independent businesses."
The four buildings being demolished are owned by the Schenectady Metroplex Development Authority, which bought them in 2005 for $800,000 from businessman James Commarto. The last holdout in the buildings was the Pizza King. Owner Jon Camaj wouldn't budge until he got an acceptable deal from the Metroplex to replace his business. Both sides struck a deal in November in which Camaj agreed to move to 122 Jay St., across from City Hall.
Metroplex is paying for asbestos removal, which will cost $225,000. Once that is completed, a unit of Highbridge Development, HB Diamond Development, will buy the properties for $1.
After taking ownership, Roth will use a $1.4 million grant that the city and Metroplex secured from the Restore New York program to demolish the buildings and get the site ready for construction. In addition to the state grant, Legacy Bank is loaning $1.5 million and HB Diamond Development is investing $300,000 in the project, according to the Metroplex.
The building's design changed several times over the past year as architect Eric Vickerson and design consultant Michael Roman, of Cohesion Associates, tried to make the new construction fit in with the late 19th-century architectural styles downtown.
"We want it to fit into the streetscape of Schenectady," Roman said. "Something that has the appearance of multiple buildings but from a functional standpoint, it's all one floor."
The four buildings being demolished are owned by the Schenectady Metroplex Development Authority, which bought them in 2005 for $800,000 from businessman James Commarto. The last holdout in the buildings was the Pizza King. Owner Jon Camaj wouldn't budge until he got an acceptable deal from the Metroplex to replace his business. Both sides struck a deal in November in which Camaj agreed to move to 122 Jay St., across from City Hall.
Metroplex is paying for asbestos removal, which will cost $225,000. Once that is completed, a unit of Highbridge Development, HB Diamond Development, will buy the properties for $1.
After taking ownership, Roth will use a $1.4 million grant that the city and Metroplex secured from the Restore New York program to demolish the buildings and get the site ready for construction. In addition to the state grant, Legacy Bank is loaning $1.5 million and HB Diamond Development is investing $300,000 in the project, according to the Metroplex.
What is the return on investment to the county taxpayers?
$ 800,000 (paid by taxpayers to buy buildings) $ 225,000 (paid by taxpayers to remove asbestos from building) $1,400,000 (grant paid by taxpayers - Metroplex grant and Restore New York grant) ___________ $2,425,000 (paid by taxpayers) $ 1 (purchase price to be paid by HB Diamond Development to purchase buildings from Metroplex) ___________ $2,424,999 LOSS of public revenues
Purchasers investment:
$1,500,000 (loan provided by Legacy Bank) $ 300,000 (investment by Purchaser) ___________ $1,800,000 (non taxpayer funds)
How will the residents realize the investment of $2,424,999 dollars? And, please don't suggest that the few retail jobs that will be created warrants this type of investment.
Great find Brad!!! Looks like Highbridge Development greases the local politicians in power, who have the abilityr to direct the money in the coffers in their direction. Where's the local media?? Aren't they supposed to investigate this crap?
Michael Roth (unknown - relation?) also made contributions in 2005: ROTH, MICHAEL J 16 CHERRY LN. CLIFTON PARK, NY 12065 500.00 17-SEP-05 FRIENDS OF BRIAN STRATTON
This is but one example of a perceived "pay to play" arrangement in the awarding of local government contracts and/or Metroplex funding.
I don't fault the companies and investors. I fault the system and those who control it for allowing for this to occur. As Congressman McNulty correctly stated campaign finance reform is needed. Unfortunately, he served 20 years in office and waited to take this position until within months of his departure.
Full accounting of the financial contributions made to any political party and/or individual candidate running for office in Schenectady County by recipients of Metroplex funding and county contracts funded all or in part with Metroplex disbursed revenues.
This disclosure must be made so that it is easily traceable and doesn't require extensive research to be conducted.
There are many other examples that I have identified of significant donations made by recipients of local government contracts and Metroplex funding. I will be posting them over time. The real question is, are the awards of contracts and funding made contingent on campaign donations or are the donations made in appreciation?
just like the freakin' lotto machine in NYS........oooohhhh, the 'donations' just roll right in........baaaaaaaaaaaaaa
GREAT FIND!!!!!!------Brad.....SHOW ME THE $$ TRAIL......oh, that's right, leads right to the voting booth, doesn't even matter which party,,,,,They ALL eat at the same trough and rub their elbows together.......isn't BenDover always invited to their shin-digs?????
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Logged
