A former furniture store in downtown Schenectady that is badly deteriorated will be studied to determine whether it must be demolished or if it can be saved and converted into retail stores, professional offices and loft-style apartments.
The Schenectady Metroplex Development Authority announced Wednesday it will partner with an investment team headed by Mark S. Boss to assess the former Robinson Furniture building at 238-248 State St.
The 40,000-square-foot building has drawn the interest of various developers in the years since it was taken by the city through a tax foreclosure, but none of the plans ever came to fruition. Meanwhile, the building’s condition has grown worse because of a partially collapsed roof. At one time, it was possible to look through the first-floor windows and see a tree growing inside.
Under the plan, the city will be asked to transfer ownership to the investors, who incorporated under the name Schenectady Renaissance LLP. The investors own and manage more than 4,000 apartments, six shopping centers and numerous office buildings, according to the Metroplex.
If a study finds it’s possible to preserve the structure, the developers will fix the roof and gut the interior. The next steps will be renovating the facade, installing new mechanical systems and creating retail space on the first floor. An interior courtyard would also be built.
In the final phase, up to 20 luxury apartments would be built on the second, third and fourth floors, with balconies facing the courtyard.
Work will begin this fall. It could take 2.5 years to finish.
The investors are prepared to spend more than $3 million on the project. The Metroplex will provide up to $300,000 in matching funds.
If the study determines it’s not possible to save the building then ownership will revert to the city. City officials will then work with Metroplex to obtain state funding to demolish the structure. Previous estimates have pegged the cost at about $1 million.
“This is exactly the kind of dynamic project we have been working hard to bring to downtown Schenectady,” Mayor Brian U. Stratton said in a news release. “The potential to convert the Robinson Building into upscale loft residences would act as a catalyst for continued and sustained economic growth, expanding the tax base and renewing confidence in Schenectady’s bright future.”
