Albany's Red Carpet Inn to be demolished for affordable housing

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.

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.

The Northgate Landing housing development will be for those with incomes ranging from 30% to 80% of the area's median income. According to Northgate Landing, amenities for tenants will include a fitness center, community room, bike storage and about 200 parking spaces.

According to Conifer, once New York State approves the IDA funding, they will begin demolish and construction. The company expects construction to take about two years.

The project will create about 200 construction jobs, said Capitalize Albany. Over the next 30 years, the property is estimated to generate more than $4 million in additional revenue to the local taxing jurisdictions.