ALBANY, N.Y. – Albany Mayor Gerald Jennings and Albany Medical Center President and CEO James Barba announced Tuesday the $100 million Park South Plan for the Future, the latest of a series of major expansion and revitalization plans for the community surrounding the center's main campus.
The redevelopments are designed to create mixed-use residential and retail space, as well as parking for the two blocks bordered by Myrtle and Dana Avenues and Robin Street and New Scotland Avenue. The new plan is a public-private partnership supported by various Capital Region companies.
Most of the houses along those streets are owned by the hospital and are occupied by Albany Med workers. Officials say the buildings will have to be knocked down, meaning tenants will have to relocate by the end of the year.
In addition to the $55 million investment made by Albany Med, Tri City Rentals will also invest $55 million to develop two large mixed-use commercial and residential buildings on New Scotland Avenue and traditional urban neighborhood style apartments. The plan will mean a total of 251 new market-rate apartments on land currently owned by Albany Med.
The development vision as outlined will include substantial green space, as well as off-street parking for the medical offices of the new building, apartment tenants and the public.
Barba says construction will begin early next year and hopefully will be completed by the end of 2015.
The plan includes:
• Street-level retail with one- and two-bedroom upper floor apartments on New Scotland Avenue
• One- and two-bedroom apartments with off-street parking along the west side of Dana Avenue and on both sides of Morris Street
• A courtyard of green space connecting Dana Avenue and Morris Street
• A five-story, 135,000-square-foot medical office building on Myrtle Avenue between Morris Street and New Scotland Avenue
• An 875-car parking garage connected to the medical office building and fronted by green space