The former TrustCo Bank Corp NY headquarters at 192 Erie Blvd. will be converted into 36 apartments and two floors of tech office space by Schenectady-based Hudson Partners Development LLC, the Schenectady County Metroplex Development Authority announced Monday.
The Schenectady County Legislature is expected to vote on the sale at its meeting May 8. Sale price would be $2 million, Hudson Partners would invest another $4.5 million in the renovation.
The county acquired the building from TrustCo in 2005 for $3 million as part of a plan to improve county court facilities and relocate county offices to the building. TrustCo moved its headquarters to suburban Glenville. The county received a $500,000 credit for environmental remediation it subsequently performed.
The county office project never materialized and the seven-story, 78,000-square-foot building was used for storage and for workshops. It was also no longer on the tax rolls.
Hudson Partners has done a number of projects in the Capital Region, including redeveloping 200 State St. into 11 apartments and ground-floor retail and converting three floors of offices at 99 Pine St. in downtown Albany into 35 apartments. It also built 18 apartments and town homes on Union Street, with retail space on the ground floor.
"The TrustCo building is very similar to a mixed-use project now under way on Pine Street in Albany and we are excited to launch another major renovation project this time in our hometown of Schenectady, said Chris Maddalone and Seth Meltzer of Hudson Partners in a statement announcing the project.
"The TrustCo sale and renovation continues the momentum in downtown Schenectady and enhances the Erie Boulevard corridor, which is now seeing a large number of new investments," said Metroplex Chair Ray Gillen.
Metroplex may provide a facade grant in the future but Gillen said that so far nothing has been approved.
The Erie Boulevard developments include a new downtown Amtrak station and plans for a new convenience store to replace a former Grossman’s lumber store.