Schenectady business school to get residential makeover

March 11, 2013 by  

Details have been released about the renovation of the former Spencer Business School building located on State Street, the latest property to be renewed in the city. The team responsible has already completed a number of similar projects in downtown Schenectady, and will invest $1 million into the scheme.

The 14,000-square-foot property, which is presently empty, is to be transformed into eleven first and second floor loft-style apartments. Chris Maddalone and Charles Rosenstein have also stated the ground floor will retain a commercial use.

With plans for store space here, business card printing will be at least one thing retained from the building’s recent past.

The development, if approved by the Schenectady Planning Commission, will also see the leveling of the building at 142 State Street. Formerly the WGY Stamp premises, the plan is to turn the area into a landscaped parking lot for the new apartment tenants.

The Maddalone and Rosenstein partnership has already been responsible for successful developments in Schenectady. Twelve Lafayette Street apartments, and a further eight townhouses on Union and Barratt, have recently completed, with all properties now leased.

This has given confidence to the Schenectady Metroplex Development Authority, who will provide a grant of $85,000 to defray the costs of the scheme. The SMDA’s chairman, Ray Gillen, said:

“We appreciate this latest project by the Maddalone/Rosenstein team as they have an excellent track record in building and renovating downtown residential units.”

If the application to develop is successful, a spring start to the project looks likely.