ALBANY – The now shuttered Red Carpet Inn on Northern Boulevard may be demolished to make way for 184 affordable apartments.
Conifer Realty has signed a purchase agreement for the site to build a four-story building, titled North Gate Landing.
The building will include 56 one-bedroom units, 90 two-bedroom units, and 38 three-bedroom units, along with 196 parking spaces, according to documents on file with the city’s Planning Department.
“North Gate Landing will increase the number of affordable apartments while complementing other affordable options by offering a larger range of income targets,” the developer wrote in a project narrative submitted to the city. “The site will serve as a cornerstone development in the surrounding neighborhoods — bringing a vital resource of quality affordable housing to the area.”
The proposal also calls for a fitness center, a community room with kitchenette, playground and bicycle storage. The apartments would rent to residents earning between 30 and 80 percent of the area median income. Roughly three dozen apartments would be set aside for residents with intellectual or developmental disabilities, with the nonprofit Springbrook NY, Inc. providing supportive services for those households.
The developer will be requesting a payment in lieu of taxes agreement from the city’s IDA.
If the project’s plans are approved, construction could start as soon as early 2024.
The $80 million in development costs will be covered by a variety of financing sources, including federal tax credits and tax-exempt bonds.
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