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Monday, July 18, 2011 - 10:37am

Developer Pitches Albany Project

A real estate developer wants to renovate part of downtown Albany.

Albany city officials are considering a proposal to fix up Front Street.

The project is estimated to cost $10 million. It may include retail, condominiums, and office space.

The developer has submitted a petition for support from Albany’s tax allocation fund. This deal would act like a loan and be paid back over time.

Plans for the project have not yet been finalized.

Downtown officials say that downtown Albany has been revived over the past few months.

In October, 70% of the downtown retail space was unoccupied.

But since January, 16 new businesses have moved in to downtown retail and office space.

Officials hope that this project will help drawn attention to Albany’s newly redone riverfront and bring more business to the downtown area.