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Addressing the Need for More Downtown Housing
More and more people are realizing the advantages of living in downtown Albany, according to updates released last month from a market study done in 2002 and updated in 2006.
The statistics are from the Residential Market Potential for the Downtown Albany Study Area, a study commissioned by the Downtown Albany BID and conducted by Zimmerman/Volk Associates, Inc., a New Jersey firm that specializes in urban residential market analysis.
Mayor Jerry Jennings has emphasized that downtown residential development is a top priority for the city. “The results of this survey provide further confirmation of what our actual rental market is showing us – all of our downtown apartments now are 100 percent occupied and more and more people are looking for high quality units. Together with our local lending partners, we must continue to help the development world keep up with this demand,” he said in an article on the Downtown Albany BID website.
The report concludes that overall demand for downtown living grew by almost 54% in 2011 from its 2006 number of households. Most units, whether rental or condominium, are currently occupied. According to the study, the market can absorb anywhere between 134 to 287 units per year.
With 24 luxury condominiums in construction now and opening in Fall 2011, 17 Chapel is helping to address the need for more housing in downtown Albany and is expanding the housing options beyond the traditional apartment. Its resort-style amenities provided by the Hampton Inn & Suites include daily breakfasts, 24-hour coffee and tea, high-speed internet access, same-day dry cleaning services, and access to the Fitness Club and Relaxation Room.
In-building amenities include a well-furnished lobby and lounge area, a secure, heated parking garage, keyless building entry and intercom access for guests, full terraces or French balconies, an 8th “sky deck” including a grilling area with panoramic views of the city, and beautiful corridors with patterned carpets and decorative lighting. A Fitness Center is conveniently located on the premises. All of these amenities will help our residents enjoy the downtown culture without spending time in the day-to-day activities that can take so much of their time in the suburbs.
Downtown Albany housing now goes beyond apartments. Luxury condo living has arrived.