News: Brokerage

Albany Convention Center Authority awards $17.5 million in contracts; To employ 150 skilled craftsmen over a two-year period

ALBANY, NY According to The Albany Convention Center Authority (ACCA), after a public bidding process, entered into three contracts with New York State firms for site excavation and the construction of piles, concrete foundations and structural steel portions of the Albany Capital Center project. The $17.5 million in contracts awarded amounts to 35% of the total project cost and is within the project budget. Working closely with NYS Office of General Services in securing approvals for the remainder of the design, contracts for the balance of the project will be bid this month and March, with the start of construction slated for March. The project is benefiting from an aggressive bidding process, and the utilization of multiple contracts provides greater possibilities to engage more local firms and the local workforce. The Albany Capital Center will employ, on average, nearly 150 skilled craftsmen representing some 14 construction trades, over a two-year period. “As a direct result of governor Cuomo’s support and leadership, the much anticipated and critical start of construction on the Albany Capital Center is now a reality. The approval of contracts that are within budget and the start of construction in the coming weeks will bring jobs, economic benefit, and contemporary meeting and convention facilities to Albany and the Capital Region,” said Gavin Donohue, chairman of the ACCA board. “Today is the beginning of a long awaited and much anticipated project, The Building Trades are thankful that we stuck by the authority when many naysayers sounded the death-knell of this dream. We look forward to working with Gilbane Construction, The authority and the community over the coming months to provide work opportunities for our community,” said Jeffery Stark president, Greater Capital region Building & Construction Trades. The Albany Capital Center will provide 84,000 s/f of convention, ballroom, and meeting space with on-site parking and direct connections to the Empire State Plaza, The Egg, and the Times Union Center via a completely renovated, convenient, and enclosed walkway with connections to the Renaissance Albany hotel at the former Dewitt Clinton site being developed by BBL Hospitality.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron

Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron

When owners are due for a significant Property Improvement Plan (PIP), they must carefully evaluate what the best course of action is. Over the past five years, major hotel brands have become significantly more flexible with their PIP schedules.
Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi

Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi

Many long-time property owners are divesting from their rent stabilized properties at an increasingly rapid pace. This trend has gained momentum primarily due to the unyielding permanence of rent laws over the past six years and the increasing operating costs that continue to outstrip rent growth. In addition, the judiciary’s elongated timeline in processing evictions and tenant rent challenges,