$13 Million Investment to Transform Vacant Lots in Schenectady's Hamilton Hill Neighborhood

Strategic Insights -

Mayor Gary McCarthy announced plans to invest $13 million to transform 18 city-owned vacant lots and properties into 41 new affordable housing units on Summit Avenue in the Hamilton Hill neighborhood. The project is a partnership between the Capital Region Land Bank, MLB Construction, and AIK Property Group, a minority-owned housing developer. The new homes will feature modern kitchens, energy-efficient heating and cooling systems, and greenspace, and will be available for sale to homeowners with homeownership counseling assistance.

Key Takeaways:

  • The Capital Region Land Bank will option 18 city-owned properties in Hamilton Hill for the new development, with demolition of 8 vacant structures to make way for construction.
  • MLB Construction, a 75-year-old full-service contracting firm, will work with AIK Property Group to build the new duplexes.
  • The new homes will feature modern kitchens, energy-efficient heating and cooling systems, and greenspace.
  • Homeownership counseling assistance will be provided for new home buyers.
  • The project is expected to create a pathway for families to achieve homeownership and strengthen the economic future of both the residents and the community.

Statistics:

  • $13 million investment for the new development on Summit Avenue.
  • 41 new affordable housing units to be constructed.
  • 18 city-owned properties to be optioned by the Capital Region Land Bank.
  • 8 vacant structures to be demolished to make way for construction.
  • 75 years of experience for MLB Construction, the full-service contracting firm involved in the project.
  • Multiple renovations completed in the City of Schenectady by AIK Property Group, the minority-owned housing developer.

Sources:

  • Capital Region Chamber press release
  • Mayor Gary McCarthy's statement
  • Richard Ruzzo, Chair of the Capital Region Land Bank
  • Pamela Swanigan, Co-owner and Director of Business Development at AIK Property Group
  • Jim Dawsey, President of MLB Construction Services LLC