Across the street from 17 Chapel, The Monroe Apartments in Downtown Albany are now under construction and according to an article in The Business Review, are expected to be ready in August 2012.

This photo, taken from Suite 304 at 17 Chapel, shows The Monroe under construction in the framing stages. A rendering of the finished product is shown on the Capitalize Albany website. The building will have 43 loft-style apartments ranging from 900 to 1,800 square feet and include hardwood floors, granite counters and washer/dryers.

Whereas 17 Chapel buyers get to take direct advantage of the tax incentives for renovated buildings, The Monroe is a rental property, which offers its own advantages to downtown dwellers. We’re pleased to see more downtown neighbors and some wonderful alternatives for living in downtown Albany.