$7 million Foster Redevelopment Nears Completion, Developer Signs Contract for Latest Urban Renovation Project
SCHENECTADY, NY (October 23, 2017) The Schenectady County Metroplex Development Authority said today that it is working with Sequence Development to renovate 148 Clinton Street, an historic building in downtown Schenectady.
Sequence Development has signed an agreement to purchase the building and is in the process of applying to place the building on the National Register of Historic Places.
The building was constructed in 1913 and served as an office building, business school, bowling alley and even as the home for city government while City Hall was constructed in 1931. For many years, the building was headquarters for Ter Bush and Powell, a large insurance company. A “ghost sign” for the insurance firm is on the building and will be preserved as part of the renovation plan.
Jeff Buell, President of Sequence Development said, “We are strong believers in the revitalization efforts of Downtown Schenectady, having invested $7 million to restore nearly an entire block of State Street. We will now turn our attention to the side streets of Downtown and breathe life back into as many old buildings as possible. We are proud of all the partners working to make Schenectady a better place and could not do this without partners like Metroplex.”
Ray Gillen, Metroplex Chair said, “Jeff Buell and his team at Sequence Development did a fabulous job with the Foster Building. We are very pleased to be working with Jeff to bring his team’s expertise to bear on restoring 148 Clinton Street. Metroplex will help with façade funding as newer metal siding is removed during the historic renovation process.”
A mixed-use development is planned with ground floor retail and 8 apartments on the two upper floors. The former Ter Bush and Powell building at 148 Clinton Street is strategically located close to Proctors and many other downtown venues.
When completed at the end of this year, the Foster Complex at 508 State Street will include 22 apartments, Capoccia Wine Lounge, The Make-up Curio, Slidin’ Dirty Restaurant, 6,000 square feet of office space and a soon to be announced 4th retail tenant.