ALBANY, N.Y. ( NEWS10 ) — The vacant Red Carpet Inn, located at 500 Northern Boulevard, is set to be demolished and turned into affordable housing. On January 18, the City of Albany Industrial Development Agency (IDA) approved the applicant’s request for real property tax exemptions for the project.
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The $80.9 million investment will bring a 185-unit affordable housing development to Northern Boulevard. The applicant, Conifer Realty, with the owner, Northgate Landing LLC, plans to demolish the vacant 48-room motel’s three buildings, and build two four-story buildings.
“This project provides an extraordinary opportunity to remove neighborhood blight and add 185 quality affordable housing units in the City of Albany while increasing revenue to our taxing jurisdictions,” said interim City of Albany IDA CEO and Capitalize Albany Corporation president Ashley Mohl.