Cohoes

Work is getting under way on the Residences at Lexington, a 408-unit apartment complex that will be the largest in the city, said Ed Tremblay, the city director of community and economic development.

RBC Construction, a unit of RichBell Capital, is building the project on a 38-acre parcel off St. Agnes Highway near the border with Colonie. Tremblay said the $70 million project will be built in three phases over a five-year period.

"It's been under development for a long, long time," Tremblay said Wednesday. "It's the last big empty piece of land in Cohoes.

Previously, it was the site of the Waterbury Horse Farm, Tremblay added.

"The majority of the land will remain forever green," he added, with the construction concentrated in one area. Ravines run through the back part of the parcel.

RBC won't receive any property tax benefits, but will get sales tax and mortgage recording tax relief, both through the Cohoes Industrial Development Agency.

Originally, the plan included condominiums and town houses as well as apartments. But after the Great Recession, RBC decided to focus on apartments, Tremblay said.

Residences at Lexington is one of a number of apartment and condominium complexes completed or under development in Cohoes, which sits adjacent to the Mohawk and Hudson rivers.

Tremblay said plans are under way for an apartment complex adjacent to the Van Schaick Island Country Club, to be developed by Prime Properties.

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408-unit private apartment project largest in Cohoes

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October 30, 2014 at 3:57 am by Mr HomeBuilder
Category: Apartment Building Construction