Clinton Avenue Apartments Phase II will continue the revitalization efforts along Clinton Avenue in the historic Arbor Hill and Sheridan Hollows neighborhoods. Proposed are 55 total housing units on six development sites. This housing will benefit households with incomes from under 50 to 80% of the Area Median Income. The project includes the historic preservation of four vacant rowhomes, the adaptive reuse of a long vacant former school building and new construction of a 3-story mixed use building. All of these properties are currently owned by tax exempt organizations and when complete will again contribute to the tax base. The development will offer innovative commercial space, one- and two-bedroom units, a community room, laundry room, bike storage, fitness center, garden beds, and resident storage.
The four townhomes, consisting of 12 units, will be rehabilitated and restored to original character including decorative details. The adaptive reuse of the former school will transform into 12 units and maintain its historic elements to the historic preservation standards.
The new construction building includes 31 housing units and incorporates approximately 11,000 square feet of commercial space dedicated to the Albany Center for Economic Success (ACES), a subsidiary of the Community Loan Fund, whose mission is, “To promote successful ownership of sustainable businesses among people of color, women and low-income individuals by providing technical assistance and incubator services.” Integration of the ACES program in the commercial spaces helps return the Clinton Avenue corridor as a center of influence and an active gateway to the downtown Albany business district and further contributing to the stabilization of the Clinton Avenue corridor and the City of Albany.
Clinton Avenue Apartments Phase II dovetails the $50 million investment of Phase I to restore 70 rowhomes consisting of 210 housing units. Through the partnership with ACES, this Phase II directly serves primary goals identified in the City’s Comprehensive Plan to increase employment opportunities at all education and skill levels as well as spur additional investments.