Albany County's plan to purchase the former College of Saint Rose campus is a step closer to completion.
The Pine Hills Land Authority's Board of Directors voted unanimously on Thursday to approve a $40 million bond to purchase the former College of Saint Rose campus. The college in Albany closed in June after more than a century of operation. The Authority had submitted a $35 million bid on the property in late 2024, with the bond covering the purchase price and any ancillary costs associated with acquisition of the property. Albany County Pine Hills land Authority CEO Kevin O'Connor said "The Albany County Pine Hills land Authority authorized me to enter into a contract with M&T BANK to accept the term sheet that they issued for some $40 million plus or minus dollars for the issuance of bonds to secure the acquisition of the former college campus of the College of Saint Rose, and that was approved unanimously by the board, and we are looking at a closing sometime on or about the week of March 10, which would convey the campus of the College of Saint Rose over to the Albany County Pine Hills Land Authority."
The terms include financing up to $50 million, a 15-year term, and a fixed interest rate of 4.39%. Principal repayments would begin in 2031. A $4 million reserve fund would be established.
Pending any details requiring further finalization, the financing agreement is subject to approval from the Albany County Legislature. Paul Burgdorf is the Deputy Minority Leader.
"Well, I've had a bit of an epiphany on this project. I personally voted against it a couple of times. I wasn't sure that Albany County should be in the real estate business. But now that we are the successful bidder for the Pine Hills Authority and the Saint Rose properties, the next step forward, I believe, would be for the legislature to be asked by the county executive for approval, [then] they issue the bonds, and I have every belief that that will, that that will ultimately be given," Burgdorf said.
Burgdorf says hope remains that most of the Saint Rose campus can be turned into chunks of taxable properties that would enhance the tax rolls.
"But one of the things that we are hearing preliminarily from the county executive is that he is looking about putting some county functions there, and privatizing 112 State Street, the Social Services Building and perhaps even the probation building. And as long as those go on the private tax rolls and add to Albany County's tax base, we would go from having two sets of tax exempt properties to one, and I think that could potentially be a financial advantage. The only concern that I have, is I would like to see what the overall game plan is for the campus and how much money it would take to retrofit the campus," said Burgdorf.
Downtown Albany Business Improvement District Executive Director Georgette Steffens says county offices' moving uptown, a plan favored by County Executive Dan McCoy, could directly benefit downtown.
"Some of the buildings will end up presenting as opportunities. There's definitely buildings that are poised for residential conversions, and it could be great opportunity for that. And certainly, residents spend more money in a downtown area than a daytime worker just by, you know, being here so many hours, being here on the weekends and the evenings, and so I think it will create some opportunity," Steffens said.
