Omni Development Taps into Downtown Residential Market

Omni Development Taps into Downtown Residential Market


Vacant Property Transformed into Steuben Place Apartments

ALBANY, NY … The City of Albany, Omni Development Company, Inc. (Omni), Capitalize Albany Corporation, the City of Albany Industrial Development Agency, and Downtown Albany Business Improvement District (BID) held a grand opening of the Steuben Place Apartments, located at 40 Steuben Place (58 N Pearl Street), on Monday, October 26, 2015 at 10:30 AM. Albany Mayor Kathy M. Sheehan and Mark Aronowitz, vice president real estate services for Omni were joined by Sarah Reginelli, president of Capitalize Albany Corporation and CEO of the City of Albany Industrial Development Agency, Georgette Steffens, executive director, Downtown Albany BID and Chris Leo, vice president of NYS Homes and Community Renewal’s Office of Community Renewal formally opened the residential conversion.

The project is Omni’s first market-rate residential project. The $4.9 million mixed-use conversion turned a vacant Class C office building into 29 studio, one bedroom and two bedroom units with ground-level retail space. Using the historic property as the framework, the company incorporated modern design elements.

“The transformation seen here in a building steeped in history epitomizes the dedication being shown to this City’s future while simultaneously maintaining our unique architecture,” said Mayor Sheehan. “I commend Omni for their active role in Albany’s future and their investment in our newest neighborhood.”

Historically, the building served as office space for the Delaware & Hudson Railroad, commonly known as D&H, at a time when the railroad business was thriving. Later, the property housed various state agencies before being purchased by Omni in October 2014. The additional market-rate units now represented at this location add to a growing neighborhood, which, according to a Zimmerman Volk study, can support 100-200 new units annually over the next decade.

“Today is another great day for our District as we celebrate new, modern apartments, as well as our newest Downtown residents,” said Steffens. “This transformational undertaking represents not just this project, but what lays ahead for our Capital City. As we welcome these neighbors, it is another chance to highlight our 24/7 community that features world-class dining, arts, and entertainment. As our District’s largest property owner, Omni has long understood the value of investing here, and it is exciting to see their first foray into Downtown residential come to fruition.”

Showings are ongoing, with units now available for occupancy. To schedule an appointment, contact Lisa Aronowitz at 518.650.4500 or email info@steubenplaceapartments.com. Featuring 11’ ceilings and spacious living area, custom California Closets, fully-equipped odern kitchen, original wood trim and wainscoting hardwood floors, large windows, and passenger and freight elevators, units range in price from $950 to $1,900 and include parking, high-speed internet, wifi, cable, dedicated storage space, and an on-site 24-hour fitness center. The 2,600-square-foot ground-level retail space is home to the Steuben Street Market.

Read the full press release.