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Terry O'Donnell

Thursday, October 19th, 2023 3:12pm

There may be progress on redeveloping the property currently occupied by Albany's abandoned Central Warehouse, but not necessarily rehabbing the crumbling structure.

The Times Union reports that the building is at a crossroads. The developers who own the concrete behemoth have been talking with Albany officials about the surging costs of what it would take to make the building viable again. They say it would require public money, adding up into the hundreds of millions. 

Since the building was acquired by CW Skyway LLC, interest rates have doubled. A major problem according to Jeff Buell, a principal owner: 

It is remarkably untenable at the moment from the interest rates alone

Buell also cites changes in the city's zoning laws as well as the overall condition of the building, which would require at least $20 million in repairs before serious work could even begin. Early estimates say the buildings restoration could cost over $100 million. 

Demolition of the building would cost over $10 million Buell says they are weighing both options. 

We are certain that no one wants this building to sit there and have nothing happen for the next 10 years