Redburn Development Partners has announced plans for its first project in Albany Warehouse District. The company is already experiencing strong demand for the 247 apartments that were recently renovated. The real estate company is now targeting the northern end of the city for its next major development.
Redburn Development will convert a building located at 413 North Pearl St. which is currently being used as a light manufacturing/wholesale distribution center into 82 apartments. The project will also include 10,000 square feet of warehouse space, indoor/outdoor amenities, and parking space.
The $17.8 million property will sit on a site that has been a longtime home of CMP Industries that manufactures the Nobilium brand of dental prosthetics. CMP Industries is expected to move to a new location.
This is the second time the site has been targeted for development
A proposal for the development has been submitted to the city planning board. This will be the second time development has been proposed at the site. In the first proposal, Dakota Partners of Waltham, Massachusetts had planned to convert the property into 77 apartments with outdoor recreation and parking space.
The initial proposal failed to sail through when the developer failed to secure historic tax credits that were needed to finance the project. The property is co-owned by Devon Howe, former executive vice president of CMP Industries.
Jeff Buell, a principal at Redburn Development said the company had expressed interest in the property a few years ago but failed to secure it due to the high price quoted. The company had proposed to ta $30 per square foot.
Redburn was brought back on board when the deal with Dakota Partners failed to materialize.
Growing price for commercial real estate in Redburn
There has been a steady growth in pricing for commercial real estate downtown in recent years which forced Redburn to look for another site. Redburn’s first project in Albany Warehouse District will be located on North Pearl Street in the Warehouse District.