$2M rehab poised for historic buildings on Broadway

The Times Union
By Amanda Fries
January 31, 2017

As efforts to connect downtown Albany and the Warehouse District continue, four historic buildings in the Arbor Hill neighborhood are set for a $2 million rehabilitation.

Local developer Patrick Chiou of 800 Broadway LLC joined the Community Preservation Corporation to secure $1.53 million in financing to rehabilitate 800-804 Broadway into 15 one- and two-bedroom apartments.

Chiou has taken on several development projects to revitalize the area, most recently purchasing the 166-year-old Church of Holy Innocents on North Pearl Street to stabilize and redevelop the historic structure. He also renovated 83 Beaver St. into nine apartments, and joined a group of Chinese investors to purchase two State Street buildings.

"The redevelopment and historic preservation of these buildings is critical to the revitalization of the 'New Broadway,' and will play a key role in connecting Downtown Albany and the Warehouse District," Chiou said in a news release Tuesday.

The apartments will offer off-street parking, with monthly rents between $1,200 and $1,475.

The Community Preservation Corp., a nonprofit affordable housing and community revitalization finance company, provided a construction loan and a SONYMA-insured permanent loan through its agreement with the state Common Retirement Fund for the project.

"Small buildings like these are the backbone of communities throughout our state, often serving as a haven of natural affordability for low- and moderate-income families," Rafael E. Cestero, president and CEO of the organization, said. "At CPC, we understand that it's not whether a project is large or small, it's the positive impact it can have in anchoring a community, bringing additional investment to the area, and giving people stable and sustainable housing opportunities."

The rest of the funding will be from the developer, a city tax abatement and possible federal and state historic tax credits. Other recently completed projects in the area include 151 Henry Johnson Boulevard, renovated into a mixed-use building, and 733 Broadway, renovated into 29 apartment units.