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Loft units set for Stockade

January 15, 2013
Updated 10:30 p.m.
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Pictured is the vacant factory at 301 Green St. (Courtesy of Metroplex)
Pictured is the vacant factory at 301 Green St. (Courtesy of Metroplex)

— New loft-style apartments will be coming to the historic Stockade neighborhood this summer, transforming a deteriorating factory that has sat vacant at the corner of Green and North College streets for a decade.

An attorney-builder-contractor team will invest $2 million to renovate the former window factory at 301 Green St. into a mix of one- and two-bedroom units and a single three-bedroom unit. In total, the site will contain 16 new apartments with granite counters, Energy Star-rated appliances, on-site storage and on-site parking. The project also promises to include some environmentally friendly elements with the use of radiant heat and solar energy.

Site owner 301 Green Street Associates, LLC bought the property in 2001 for $100,000. The project developers include: Paul Sciocchetti, a real estate attorney at Latham firm Sciocchetti & Abbott PLLC; Zelindo Viscusi, owner of Altamont-based Viscusi Builders Ltd.; and Pat Petraccione, president of Louis Petraccione & Son, a Schenectady heating, ventilation, air conditioning and plumbing company.

Sciocchetti is responsible for developing the four-building complex in downtown Schenectady that includes Aperitivo, loft apartments and office space. Viscusi’s company builds a mix of homes and apartment complexes, and is currently developing Delmar Pointe in Delmar and the Village at Shaker Bay in Latham.

“They are a very experienced team,” said Ray Gillen, chairman of the Schenectady County Metroplex Development Authority. “It’s a very cool building for loft conversion.”

The one-story brick industrial site was built in 1950 and occupies nearly 19,000 square feet. It’s slated for transformation into a loft-style apartment complex because of a center high-bay section of the old building that offers plenty of natural lighting. While it currently generates more than $10,000 a year in property taxes, Gillen said he expects the property to bring in about $20,000 a year through a payment in lieu of taxes deal that is close to being finalized.

The City of Schenectady Industrial Development Agency, which is administered by Metroplex, will provide an exemption from sales tax for building materials used in the renovation.

“Right now, it’s just an empty warehouse that over the years has had some issues,” said Gillen. “And as these factories close down, the buildings deteriorate and their assessments just keep going down. This will bring it back up.”

The apartment project is the latest in a string of loft apartments that have opened or are slated to open downtown.

The Town Homes of Union Square, an eight-unit apartment complex, opened at the intersection of Union and Barrett streets last fall. Gillen said the complex is fully leased out and plans are under way for phase two of the project, which will add a 14-unit apartment building and ground-floor retail space.

In addition, plans are moving forward for a $3 million three-story building that will house 16 upscale apartments and ground-floor retail at the corner of Broadway and Hamilton Street. The Hodorowski Homes-led project has secured all the necessary city approvals and will likely break ground this spring, said Gillen.

Downtown Schenectady’s commercial corridors have created a growing demand for residential space downtown over the last several years, according to county and city officials.

“This is great news for the Stockade,” said Mayor Gary McCarthy in a news release issued Tuesday. “We are turning a vacant building into an asset for Schenectady and this helps us continue to rebuild and revive our neighborhoods.”

 
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comments

January 15, 2013
5:31 p.m.
JoanneDeVoe says...

More good news for Schenectady! Congratulations to the partners!

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