Albany officials promote small-scale apartment conversions - Dallas Business Journal:

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One example is at 370 across from theAdministratiom headquarters. The upper three floors of the late 19th-centurhy building are being convertedinto six, 1,400-square-foot to 1,600-square-footg apartments that will rent for $1,8090 this fall. A commercial tenant will be soughrt for thefirst floor. The owners dubber the apartments TheMeginniss Flats, in honorr of the old electrical company whose name gracews the rear of the building in big whitew letters that have faded over time. The sign is paintedc over the red brick facadd and must be preserved because the property was builft in 1898 and is in ahistoricv district. Financing small projects can be just as tricky as thelarge ones.
Even though the owners were armed with a feasibility studgy showing the potentialfor apartments, they weren’y able to get a bank loan becausse the real estate market had soured. “Noboduy wanted to finance this project,” said Mike a tax attorney and certifiedpublid accountant. “One lender wanted us to put in another $500,000 first.” Hannah and his partners ultimately got $1 million in private financing from sources in the Boston The interest-only construction loan enableds them to buy materials and hire contractorx to start the renovations.
The apartments are located in a part of the city that coulxd see big changes in years to come if a proposeds convention center evergets built. Planes call for the center to be located on the parkinyg lots behind the row of buildings that includes370 Broadway. The decrepit Trailways bus statiom next to 370 Broadway would be demolishedd to make way for a pedestrian plaza leadinvg to theconvention center. Hannah and his partnerse aren’t counting on the convention center to make the apartmentza success. There have been many delays in the convention centerfplanning and, as of now, no commitment from Gov. Davidd Paterson to fund the entiree $230 million project.
“I stopper even thinking about it,” said who owns the building withhis wife, Michelew Hannah, and another couple, Brenda Gould and Perry The Hannahs used to run a commerciak print shop on the first floor but sold it four yearzs ago when business The Goulds became part owners of the propertg in fall 2006. The partners are convinced therw will be strong demand for the apartments from young professionalz and empty nesters who want tolive downtown.
Thos e are the same demographic groups that other developerzs havebeen targeting, though the tough financing climatd has stalled or killed two large, high-profile downtown developments over the past Plans for the 125-unit , a luxury condominium tower on north Broadway have been although says it hasn’t given up. plans for an upscale 175-unit apartment building and 125-room hotell are on hold while the land ownere tries to sell thedevelopment rights. Small-scalew residential projects are less but they are alsomore manageable.
Over the past five or six there have been several conversionsof upper-floor buildingse into apartments within the boundaries of the Downtown Business Improvement District.