Schenectady

A daily newspaper, a college and a jewelry store are among more than a dozen private investors and banks planning to buy 19 city-owned properties along two streets in the downtown area and then convert them into residences.

The development project, dubbed Live in Schenectady, calls for a more than $1.5 million investment for the construction of 10 new homes as part of the first phase of the work.

Fifteen new dwellings would be built during second phase, but there was no information about financing for that work.

The game plan is to purchase five properties from the city on Seminary Place and 14 others on Barrett Street, including 15 vacant lots and four empty buildings, at the fully appraised market value of over $200,000.

In a statement, Mayor Gary McCarthy touted the program as part of his ongoing efforts to revive city neighborhoods, a central campaign issue in his rematch with Alliance Party founder Roger Hull in the Nov. 3 mayoral election.

"We hope this will be a model for other cities to follow," the mayor added.

On Tuesday, Hull said while he is in favor for anything that makes Schenectady better, he noted that development plan is more work being done downtown instead of in neighborhoods like Hamilton Hill, Bellevue and Mont Pleasant.

"I support the concept, but I'm interested in an aggressive plan that will move into the neighborhoods," Hull said, noting the project is a continuation of the development he began in 1998 in the College Park neighborhood during his tenure as Union College president.

Hull repeated his call for state legislation to be amended to allow the Schenectady Metroplex Development Authority to fund neighborhood improvements.

John DeAugustine, president and publisher of the Daily Gazette, said the paper is "always looking for ways to improve the city," where it is based and pays property taxes. The Gazette is one of the investors.

He didn't view the Live in Schenectady investment as a conflict of interest.

"To try to run a business or media agency and only think of those things is next to impossible," DeAugustine added.

Other investors in the new program include Jim Connolly, former CEO of Ellis Medicine; HighBridge Development; Neil and Jane Golub; Galesi Group; Antonio Civitella, president and CEO of Transfinder; BBL Construction; Re4orm Architecture; Precision Industrial Maintenance; Schenectady Hardware and Electric; Capital Region Gaming, an affiliate of Rush Street Gaming; Northeastern Fine Jewelry; Jackson Demolition; and Union College.

The banks are NBT Bank, Capital Bank, Ballston Spa National Bank and Pioneer.

pnelson@timesunion.com • 518-454-5347 • @apaulnelson