Albany officials promote small-scale apartment conversions - Silicon Valley / San Jose Business Journal:

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“We’re very encouraged that thesd property owners are doingthe six- to 10-unirt conversions and they have a waitinyg list of people to lease said BID Executive Directof Pam Tobin. “It demonstrates there is a demansd fordowntown living.” Officials are trying to get more developers interested. Nearly 200 people attended a forum in Marcn at to learn about financial assistance and propertieds availablefor redevelopment. Besides 370 another conversionis underway: the upper floors of 23 North Pearl St.
, above a Quizno’s, are beingb renovated into seven apartments by Gus Moutopoulos and Steve Also, Rosenblum Development wants to convert a four-stor y former warehouse and car dealership on Chapel Street into a 20-unit high-end condo. Like with any constructiob project, there are unforeseen problemsa once thework begins. The budget for Meginniss Flats has balloonedto $1.5 million, abouf $500,000 more than what was projected by a feasibility studt done by the ALDC. Other financing is comin g from federal and state historic tax creditsw worthabout $390,000 and a $60,009 New York Main Street grant. The 2.
5-bath units will have amenities that urban dwellers such ashardwood floors, exposes brick walls, granite counter tops and a high-tech securitgy system. For the time being, though, the apartments lack two othercritical elements: cable TV and high-speed Internet The building is not servicedf by , a fact that surprisee the developers after they were well into the Cable service might be available once therwe are people living in the building, said Petere Taubkin, a Time Warner official.