Major Downtown Albany Eyesore May Be Torn Down Soon

It looks like a major eyesore and a hot-button issue in downtown Albany may be demolished soon. The owners have decided this will be the best thing to do.

There are many reasons that the owners of the Central Warehouse in downtown Albany know it's time to demolish the building. The main reason is the cost of redeveloping the dilapidated eleven-story monstrosity.

According to the Albany Business Review, the owner, Jeff Buell also cited the stricter zoning ordinances and higher borrowing costs for redevelopment. There were problems with the structure itself. Because the walls were buckling, they could not get state and federal historic tax credits.

Jeff Buell mentioned that he was hoping for a different outcome but he said that once it is torn down something will be built in its place to benefit the city.

Now the question is how much it will cost to tear the eyesore down. It isn't just the concrete, it's also asbestos removal. The total cost of demolition could be from $8.5 to $25 million.

Buell said an application will be submitted under Restore New York. This could grant funds to cover ninety percent of the demolition. The other costs would have to come from the city government.