Redburn, stitching up ownership of Schenectady block, plans medical offices
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Jeff Buell, principal of Redburn Development Partners. (Will Waldron/Times Union)Will Waldron/Albany Times Union
SCHENECTADY A developer’s takeover of a strip of downtown real estate is nearly complete with the pending acquisition of the Bank of America complex.
Redburn Development Partners aims to renovate the building at 500 State St., which contains multiple entrances and storefronts, for use as medical office space.
Bank of America would remain as a tenant.
The developers signed a purchase agreement last year pending the release of state economic development grant funds.
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As new year begins, questions for Schenectady’s $10M Downtown Revitalization Initiative remain unanswered | The Daily Gazette
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SCHENECTADY The year has been rough for downtown Schenectady, where restaurants and bars have been battered by stop-and-go restrictions and Proctors remains shuttered.
But even amid the pandemic, the city passed a major hurdle on how to spend $10 million in state grant funds awarded last fall as part of the Schenectady Downtown Revitalization Initiative (DRI), the effort designed to spur broader economic investment between downtown and Mohawk Harbor.
With the year coming to an end, and the state facing an $8.7 billion projected budget shortfall, an announcement on which projects, if any, will be greenlit by the state remains forthcoming.