A proposal to build 16 upscale condominiums between the Union Inn and Barrett Street can move forward after receiving Planning Commission approval Wednesday.
Chris Myers is developing the $5 million project, called the Lofts at Union Square, which involves demolishing several buildings he owns along the block.
Architect Randy DeFranco said demolition would occur as soon as possible.
“We hope to break ground in the next two months,” he said.
The entire project is expected to be complete next summer.
The project is to be two separate buildings. One would contain two first-floor retail spaces of about 2,000 square feet each. There would be condominiums on the second, third and fourth floors. The other building would have a 16-space garage on the first floor and four residential units on the second story.
The residential units would range from 850 square feet to 1,100 square feet. The proposed design features a four-story wood structure with attached balconies. The architecture would contain brick and masonry veneer.
DeFranco declined to say how much the condominiums would sell for, only that they would be high-end luxury units.
Planning Commission members liked the look of the units.
Myers said he is excited about the project.
“The next step in Schenectady’s ongoing renaissance is high-quality housing,” he said in a press release. “The design and performance of this new mixed-use building is sure to attract both the young professional and the mature buyer.”
The project is eligible for a $500,000 loan at 5 percent interest from the Metroplex Development Authority, said Chairman Ray Gillen. It also is eligible for facade funding. Myers will use other sources to finance the remainder.
“The next stage of downtown development is to build and renovate more housing,” Gillen said in a news release. “This project is a major step forward for our redevelopment efforts.”
Myers owns the Parker Inn, located adjacent to Proctors, and is planning 44 condominiums, called Yates Farm, in Glenville. He has built more than 400 homes and condominiums in the Capital Region over the years.
Cynthia Quade, owner of Signature Homes Realty of Saratoga Springs, will handle marketing for the new condos.