ALBANY, N.Y. (NEWS10) — Albany officials revealed a new apartment building on N. Pearl St. and Wilson St. that is projected to bring $137,957 in tax revenue annually to the city. With a price tag of $3.25 Million, the vacant lot is now transformed. City leaders said it’s another step by the city to invest in new developments and economic development downtown.

“This area just continues to have more and more opportunities to engage, more and more opportunities to have different events,” Kathy Sheehan, Mayor of Albany, said. The significant contribution to the city’s revenue will help continuing efforts for the “downtown revitalization initiative” and what city leaders are calling a post-pandemic comeback.

“This area connects our downtown, connects our other communities and it’s about being able to build back our communities because we are stronger when our communities are strong,” Mary Rozak, Director of Communications for Albany County, said. The 18-unit building is 20 percent pre-leased with the apartments set to be ready in just a few weeks.