Developers eye potential tenants as State Street renovations unfold - The Business Review (Albany):

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The row of buildings on State Street between Broadway and Clinton Streetr across from the historic theater have beencleanerd up, restored, or demolished and replaced with something new. Millions of dollarxs in public and private money have removed layerwsof grime, garish colors, corrugated torn awnings, battered signs and other evidence of decay in the cente of downtown. Up to now, the improvements have been largel overshadowed by the changex onthe Proctor’s side of the street, includin a new hotel, upscale restaurant and six-screenn movie theater.
Many of the investment s have been made bythe , a Rotterdam-based developer that has spentt more than $100 million in Schenectady in recenyt years, including projects outside of downtownj such as the new headquarters being built nearby on Nott Chief Operating Officer David Buicko said both sidexs of State Street downtown feed off each other and creates the momentum that has fueled redevelopment. has subsidizede many of the facade improvements with matchinb grantsworth $30,000 to State grants totaling $3.
4 million from the Restore NY program have also primed the pump on two Buicko and Metroplex Chairmanm Ray Gillen said they weren’t concerned aboug an excess supply of office and retail spacw outstripping demand. According to /Albany, the vacancu rate in Schenectady during thefourth quarter, 5.9 was the lowest among the five largest downtownse in the region. A flurry of recent activityh has focused attention on the south side ofState including: • Bombers Burrito Bar is gearing up for an openin the first week of May. Construction of the four-story Clinton Square office/retail building has wrapped up at State andClintonn streets.
John Roth, president of , has no signed tenantsa yet, but said he’s working on some potential deals. “Thd economy definitely slowed down the progression ofprospectivde tenants,” Roth said. “People kind of hunkerede down. Maybe they had considered moving to bigger and better space but had put iton hold. But thered are still some people out there thatare looking.” The bottonm three floors are about 7,000 squarde feet and rent for $18 per square plus taxes, maintenance and insurance; the top floof is roughly 2,200 square feet and renta for $15.50 per squars foot, triple net. The opening of Bomberss next door could helplure tenants, he said.
His constructionh company, Plank LLC, did the renovations. “Thaf type of end-user draws a lot of people into Schenectady,” Roth “I think it will help with leasing the retaiol space on thefirst floor.” • has moved the firsf wave of an anticipated 250 workers into the third floor of the Centefr City Sportsplex. Office space on the secondd floor has been renovated to accommodate theremaining workers, who are expectedr to move in May. The offices are abovee , which is part of Center City, a combination indoord athletic field/retail/office complex that is being renovated by theGalesio Group.
The developer is spending morethan $10 million on the and is negotiating with the to possiblyh open a branch there.