$20 million Colonie senior apartments move forward as demand soars:
https://www.bizjournals.com/albany/n...ing-thiel.html
From the article: "A retiree called Diane Conroy-LaCivita last week telling her the rent on her apartment is going up $150, to $2,200 per month, and she can't afford the higher cost.
"She says, 'I'm desperate,'" Conroy-LaCivita recalled. "She had worked in the baking industry for 40 years before retiring. She went to a local bakery for a job application so she can afford to stay in her apartment."
As executive director of Colonie Senior Service Centers Inc., Conroy-LaCivita gets similar calls two to three times per week.
The nonprofit organization manages nearly 400 senior apartments, along with providing transportation, meal delivery and adult day care programs for senior citizens in Albany, Rensselaer and Schenectady counties
"People are really struggling," she said. "Some people are literally stuck where they are trying to figure out how to survive, and then layer in the gas and food increases. Our congregant meal numbers are skyrocketing."
Stories like that illustrate why Colonie Senior Service Centers is working hard to finalize the financing and other details for a $20 million-plus apartment complex with affordable rents for senior citizens on the site of a former Elks Lodge.
The planned 99-unit complex would be built at 11 Elks Lane, next to the King Thiel Senior Community the organization runs for income-eligible tenants.
King Thiel, which has 96 one- and two-bedroom units, was fully leased six months before it opened in May 2017.
Rent for a one-bedroom is about $1,000.
The wait list is three- to five-years long.
The town planning board has already approved the design for what will be called King Thiel II, and the 5.6-acre parcel was purchased last year for $725,000. The former Elks lodge was recently demolished.
The state Assembly is providing a $2 million grant to offset the cost of infrastructure, property site improvements and on-site parking for the three-story building. The 99 apartments are expected to accommodate 162 people.
"Our intent is to maintain that mission to be sure we're under market rate," Conroy-LaCivita said.
BBL Construction Services LLC is the builder. The total cost hasn't been finalized, but it's about 10% higher than anticipated because of inflation and supply chain shortages.
The next steps include securing a lender and seeking tax exemptions from the Colonie Industrial Development Agency.
The national headquarters of the Elks Lodge will also decide whether to approve a locally backed offer from the civic group to donate four contiguous acres on Elks Lane that could serve as a natural buffer. A cell tower on the site would continue to generate income for the Elks.
The apartments could be ready by the first quarter of 2024 if construction starts at the end of this year.
"There are a lot of things happening simultaneously," Conroy-LaCivita said."
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