The Rivercrest Development Corp. will gain ownership of a new property soon.
The Common Council agreed to sell 208 Guy Park Ave., to the nonprofit corporation for $1, providing that Rivercrest fixes up the deteriorating building within the year.
According to Richard Miller, executive director of Rivercrest Development Corporation, Rivercrest has been looking to obtain the property for while. The previous administration gave Rivercrest the option to purchase the property, but the deal was only finalized this week.
“It’s good that the city acted when it did because the building is deteriorating every day,” Miller said.
Rivercrest intends to rehabilitate the building and turn it into a three-family residence for low income tenants.
“We believe that it can be rehabbed and come out being a beautiful building when it’s done,” Miller said.
The demolition work in the building will be done by volunteers, Miller said, but the majority of the rehabilitation will be done by professional contractors.
Rivercrest Development already owns and manages a few similar properties on Wall Street and one two-family building on Division Street, Miller said.
Rivercrest Development is affiliated with the Amsterdam Housing Authority, which manages Rivercrest Commons, the eight-unit complex on Guy Park Avenue and Division Street.
The Housing Authority also owns and manages the Highland Garden Apartments and the two high-rise buildings downtown.
Although Alderman Joseph Isabel, R-1st Ward, agreed to give the property to Rivercrest, he said he heard people have been complaining about the noise and rowdy kids at the current housing complex owned by the corporation.
“We’re giving them additional property. The least they could do is take care of the quality of life already there,” he said.
Alderman Daniel Roth, R-2nd Ward, said he wanted the resolution to include a clause ensuring that Rivercrest would complete the project within a year or the city would regain ownership of the property, a motion the rest of the Common Council supported.
Miller said he has no problem with the reverter clause.
“We have always advocated for reverter clauses, they make a lot of sense,” Miller said. “Otherwise, the city is selling property for little or no money with no guarantees.”
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Categories: Schenectady County