Ex-MVP building to be converted to luxury apartments
The Business Review (Albany) - June 21, 2007
http://albany.bizjournals.com/albany...l?surround=lfn
The former MVP building in downtown Schenectady will be converted into 32 luxury apartments thanks to a $2.5 million private investment.
The deal was announced Thursday by Metroplex, along with city and county officials. Metroplex will provide a $100,000 loan at 4 percent interest and a $60,000 facade grant to support the project.
The 43,000-square-foot building has been vacant since 2001 when MVP relocated to a new corporate headquarters in Schenectady. The building is located adjacent to the Stockade Historic District.
"This project allows us to protect and preserve a key building near the Stockade while creating upscale residential units in the heart of the City -- a key next step in redeveloping downtown," said Gary Hughes, chair of the county Legislature's Committee on Economic Development said.
The building is owned by Reza Mahoutchian, president of Maxim Engineering, who has renovated 37 properties in the region. Mahoutchian paid Metroplex $75,000 to purchase the small parking lot next to the building off of lower State Street.