An $80 million development of 21 Erie Blvd. in Albany, New York, looks to revitalize the city's historic Warehouse District, earning the property a CoStar Impact Award for multifamily development of the year. Redburn Development Partners announced in May 2022 plans to redevelop a historic warehouse and convert it to "Slip 12" with 274 apartments, a restaurant and brewery, a boutique fitness studio and a coffee shop.
Named after its origins as an industrial complex located on the 12th slip of the Erie Canal, the owner will preserve the historic building through its renovation while taking an environmentally conscious approach to its neighboring community.
As of this past fall, the owners had completed the development of 70 apartments and welcomed its first set of residents as well as a new commercial tenant, PWRL Performance Wellness Recovery.
About the project: Along with its 274 apartments, the property offers 20,000 square feet of commercial space. Slip 12 will have its own on-site energy generation system and is being built with low-flow fixtures and appliances to save on water use.
What the judges said: "Slip 12 was an interesting proposal from the start. The attempt to bring market rate housing to the Warehouse District and, in the same setting, offer commercial and retail stores is a great opportunity. The Redburn Development Group has an excellent track record given the multifamily projects they have developed in Troy, Albany and Schenectady. Slip 12 is a large initiative with a great vision. I am confident it will work out," said Jessica Richer, a licensed associate real estate broker for Hanna Commercial Real Estate.
They made it happen: Elizabeth Young Jojo, vice president of Redburn Development Partners; Thomas Rossi, principal at Redburn Development; John Blackburn, principal at Redburn Development; Jeffrey Buell, principal at Redburn Development; Matthew Crudo, vice president of construction at Redburn Development; Timothy Quinn, chief financial officer at Redburn Development; Monica Kurzejeski, vice president of property management at Redburn Development; William Keefer, superintendent of construction at Redburn Development; Heather Newman, director of architecture at Redburn Development; and Joe Perniciaro, development associate at Redburn Development.
