July 21, 2021
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas today announced the completion of a $25 million mixed-use housing development on Albany’s Central Avenue corridor. Swinburne Apartments offers 74 affordable apartments and nearly 21,000 square feet of commercial space for health services and retail. The development includes 20 supportive homes for families and individuals with special needs.
“The State’s ongoing investment in Albany’s resurgence is creating quality affordable housing, attracting new businesses, and expanding access to critical services for downtown residents,” Commissioner Visnauskas said. “The $25 million Swinburne Apartments achieves all of that and more with 74 affordable apartments, including 20 supportive homes, and nearly 21,000 square feet of commercial space. The new primary care facility will benefit the entire community surrounding Central Avenue. Congratulations to Regan Development Corporation, Equinox, Inc., and Capitalize Albany for delivering this important new mixed-use project to Albany.”
Swinburne Apartments is part of Governor Cuomo's unprecedented $20 billion, five-year affordable housing plan. The Governor's plan will provide all New Yorkers with access to safe, affordable housing by building and preserving more than 100,000 units of affordable housing and 6,000 units of supportive housing. Since 2011, HCR has invested $490 million in the Capital Region to create or preserve nearly 5,600 affordable homes.
Swinburne Apartments is conveniently located near public transit, a public park, retail stores, restaurants and other services. The ground floor features a new primary care and behavioral health facility operated by Whitney Young Health in partnership with Equinox, Inc., a Lab Corp Diagnostic Testing facility, a local grocery store and a beauty salon. The second floor will be an office suite housing Equinox’s domestic violence outreach and housing services, health home care management, human resources, and the development and marketing office.
The majority of the apartments are affordable to households earning at or below 60% of the Area Median Income with nine apartments for households earning at or below 100% of the AMI. Amenities include laundry facilities, bulk storage, a fenced-in playground, bicycle racks, and a community room with kitchenette.
Residents of the supportive units will have access to onsite services provided by Equinox, Inc., including case management, individual and group therapy, medication therapy, a Personalized Recovery Oriented Services program, respite/diversion beds, outpatient mental health clinic services, and substance abuse assessment, treatment and management. Rental subsidies are funded through the Governor’s Empire State Supportive Housing Initiative and administered by the NYS Office of Temporary and Disability Assistance.
State support for Swinburne Apartments includes $3.4 million in permanent tax-exempt bonds, federal and state Low-Income Housing Tax Credits that generated $12.4 million in equity and an additional $7.8 million in subsidy from HCR.
The development is a joint venture between Regan Development Corporation and Equinox, Inc., with substantial investment by Regions Affordable Housing. The project site was purchased from Capitalize Albany Corporation, which completed an extensive environmental remediation effort with support from the Albany Community Development Agency to prepare and market the site for redevelopment. The project was made possible with City of Albany Industrial Development Agency assistance in the form of New York State sales and mortgage recording tax exemptions and real property tax abatements.
Office of Temporary and Disability Assistance Commissioner Mike Hein said, “Supportive housing plays such an important role in providing the assistance New Yorkers with special needs can rely on to avoid housing insecurity and to live in independent settings. With its on-site services and connections to public transportation, the Swinburne Apartments will provide these individuals and their families access to the resources they can rely on to lead happy, independent lives in the Capital Region. I applaud Governor Cuomo’s continued diligence in both preserving and expanding supportive housing throughout our state –especially for the most vulnerable among us.”
Senator Neil Breslin said, "The new, mixed-use Swinburne Building will infuse Central Avenue with increased access to affordable housing, supportive housing, health care and jobs. I commend Equinox, Regan Development Corporation, Regions Affordable Housing, Whitney M. Young Jr. Health Center, the New York State Office of Homes & Community Renewal, the City of Albany Industrial Development Agency, Capitalize Albany, the Albany Community Development Agency, and everyone who worked together to complete this important project."
Assembly Member John McDonald said, "The investment by New York State to transform the Swinburne building to create not only affordable housing but the addition of a primary care center and other vital services is an excellent approach to address the issues for those who struggle with access to healthcare and transportation. I strongly support these efforts and applaud the partners who have come together to create these opportunities and for thinking about solving the problems that many face in a holistic way. This project will be transformative for many lives and I only hope that this model will be replicated elsewhere."
Albany County Executive Daniel P. McCoy said, “Swinburne Apartments is an example of what can happen when the right partners come together to better their community. Affordable housing and easy access to health care are two of the most important building blocks of a thriving and inclusive economy and this project combines them under the same roof. Congratulations on this partnership which is so beneficial to Albany.”
Albany Mayor Kathy Sheehan said, "In order to create a city where every neighborhood works, our residents need access to quality, affordable housing, and the Swinburne Apartments provide just that. Not only does this project create nearly 75 new apartments, but it also brings with it health services and a grocery store at the crossroads of public transit and public green space. Thank you to New York State, Regan Development, Equinox, Capitalize Albany, and the Albany Community Development Agency for working so closely together to make this vital investment along Albany's Central Avenue corridor."
Larry Regan, President, Regan Development Corporation said, “Regan Development is proud to have worked with local community stake holders, including Equinox, Whitney Young, the Central Ave. Business Improvement District and City of Albany officials to develop the Swinburne Building in their efforts to strengthen the Central Avenue business corridor with a mixed-use community-oriented development. The redevelopment of this site, which was a former city owned Department of Public Works yard, transformed a blighted underutilized city owned parcel into a place where families and businesses can now thrive and live in new housing opportunities, while putting the property back on the tax rolls.”
Equinox CEO Virginia Golden said, “We are delighted that this long-awaited project is coming to fruition. This project was envisioned more than a decade ago by Equinox leadership and board of directors. They advocated for an innovative mixed-use complex to provide housing and other services to better serve our community—addressing what we now refer to as ‘social determinants of health’. It would not have become a reality without Regan Development taking a leap of faith with Equinox and the strong support of various government entities and leaders, community developers and advocates, and other valued community partners.”
Capitalize Albany Corporation president and City of Albany IDA CEO Sarah Reginelli said, “It’s phenomenal to see the long-awaited culmination of this project, thanks to the dedication and hard work of both the public and private sectors. This complex project began a decade ago in partnership with the Albany Community Development Agency and Capitalize Albany, and with vital New York State assistance, local support, and – most importantly – the right development team with the right project, this property has gone from a brownfield to an outstanding community asset.”