Albnay Business Review - Two educational buildings costing a combined $64 million with more than 200,000 square feet could be built for the Capital Region BOCES in Colonie.
The Albany County Industrial Development Agency received an application seeking $60.9 million in tax-exempt bonds and about $760,000 in mortgage recording tax exemptions for the buildings at 925 Watervliet Shaker Road.
The application was submitted by CIDC Colonie II with an address in Lakewood Ranch, Florida. William Lowenstein is listed as president on the application. He's president and CEO of Community Initiatives Development Corp., a Pennsylvania nonprofit that provides economic development consulting services to governments and develops affordable housing. One of the attorneys representing CIDC for the IDA application is Debra J. Lambek of Columbia Development in Albany.
CIDC Colonie II has a contract to purchase 16.3 acres of vacant land. Plans call for a 165,000-square-foot building, a 41,0000- square-foot building and about 500 parking spaces. The project would create 200 permanent jobs and about 50 construction jobs, said Gary Domalewicz, chairman of the Albany County IDA. He described the plans as the second phase of a project that started last year when Capital Region BOCES received approval to build a two-story, 41,000-square-foot building on Airline Drive for its Pathways to Learning program. The proposed second phase would consolidate the BOCES facilities in the region into one campus with classrooms, labs and offices, he said. Capital Region BOCES provides shared services, including career and technical education and management services, to23 school districts in Albany, Saratoga, Schoharie and Schenectady counties.
It is one of two BOCES that cover the majority of the school districts in the Albany area. Officials at Capital Region BOCES couldn't immediately be reached for comment