The city of Schenectady Industrial Development Agency agreed to fund the second phase of an environmental study of the former Castelo’s building on Nott Terrace.
The city is foreclosing on the building at 183 Nott Terrace but does not plan to take title until the environmental work is completed by the IDA, according to the Schenectady County Metroplex Development Authority.
“We appreciate this support from the city IDA,” said Mayor Gary McCarthy. “Our goal is to move forward with the sale and redevelopment of this property on Nott Terrace.”
There are several businesses and organizations that are interested in purchasing the building to renovate it, Metroplex said.
The site was home to a service station years ago. It was then a Pizza Hut and later Castelo’s restaurant. The IDA will provide $20,000 for the environmental study.
Metroplex also announced plans earlier this week to purchase a nearby building at 218 Nott Terrace to demolish it to allow for development there.
The IDA also approved the sale of a parking lot it owns at 451-453 Duane Ave.
An appraisal lists the property at $170,000 for the 2.55 acre site. The IDA is soliciting offers for the property.
Reach Gazette reporter Haley Viccaro at 395-3114, [email protected] or @HRViccaro on Twitter.
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