First Prize Site ReDevelopment Report
Susan Weber, SAVE Colonie
This is a report on the Richbell presentation on the First Prize redevelopment on Wednesday, May 3, 2023, which was very well attended and well done by Bill Hoblock, Richbell’s president. Hoblock stressed his local-guy roots and the fact Richbell develops, owns, and manages its projects, staying in the neighborhood and caring about quality and neighborhood character. Richbell’s been in business 25 years; its projects include Saragtoga’s Adelphi Hotel, the Residences in Rotterdam, Lexington Hills, the Paddocks, and more.
The presentation began with a video of the two-year demolition of the First Prize center. All that’s left is the massive smokestack, filled with asbestos and with a 12 ft deep foundation, sitting in a pond of runoff. It will eventually be gone. After treatment for hazardous materials, construction debris was crushed and will be used on-site for roadwork, etc.
The 10 acre site runs from Everett Rd to the Pocket Park on Exchange Street. It is in both the Town of Colonie & City of Albany, a problem I see for residents and the managers going forward (eg.: 2 school districts, 2 taxing authorities, 2 fire districts). This mixed use project will be constructed in four phases: 1. Site development and 216 residential units with a cafe, fitness center for residents and co-working space, in the center of the site; ; 2. 216 residential units; 3. 256 residential units in larger buildings; 4. 2 residential buildings - number of units not specified-, retail shops, and a hotel on the Everett Rd side. The rendering showed large five storey buildings arranged in semi-squares to create a neighborhood feel. There will be indoor parking (not sure if that’s first floor or basement level.) The timing will be “market-driven.”
Hoblock stressed the benefit of this mixed use high density project (more than 700 units), as opposed to a big box store or other retail project as had been earlier proposed for this site, that would generate more traffic, result in increased suburban sprawl, and harm nearby property values. He showed how green space would be increased on the Exchange St. portion of the site, while larger buildings would be concentrated on the railroad track rear of the site. This project will surely increase property values for nearby properties and elevate the entire region, not to mention raising tax revenues for Albany and Colonie.
Questions included issues of: traffic (study being done, better than a Cabela’s, previously proposed), extreme runoff in this area (runoff comes all the way down from Albany-Shaker, along Everett), property values (better than a Cabela’s), public safety (this will be a higher-end development: no riff-raff), contaminated groundwater (DEC is on it). Many spoke in support, as well.
Richbell has been working on this project since 2015 and has obviously invested millions in demolition and managing this massive project through the approval process. It would seem their rental rates will have to be high in order to make it work financially.