ALBANY — When developers were considering what kind of retail could be featured in the former Times Union building on Sheridan Avenue, a bunch of ideas were thrown at the wall.

The axes stuck.

In the former loading dock of 16 Sheridan Ave. in Albany – a building that has sat vacant for years and was once home to The Knickerbocker News – a new business called The Yard will give visitors an indoor outlet for ax-throwing, ladder ball, cornhole and other yard games as part of Redburn Development Partners’ rehabilitation of the multi-story structure into apartments and retail space.

“This will be a greenspace year-round — because the weather in Albany isn’t the greatest,” said owner Leyla Kiosse, an Albany native and local attorney. “This will be a place where people can come and feel like they are in a backyard in the middle of February.”

Developers on Friday also offered tours of a one-bedroom apartment as a model for the units that they expect to start leasing in October. The Yard is expected to open in November.

“We have been saying since we started this project — this $82 million investment into downtown —that one of our most important goals is that we needed to introduce a new kind of vibrancy into downtown Albany and start to do some funky things,” Redburn partner Jeff Buell said. “Start to do things that are a little outside of the box; start to get people talking about Albany.”

Albany Mayor Kathy Sheehan said she’s excited for the new space, especially since she’ll be moving into a home in the Ten Broeck Triangle neighborhood a few blocks away later this year.

“I can’t imagine why I would need to go throw axes,” she said, garnering laughs from the crowd during Friday’s tour. “I just think the serendipity of it — it’s going to be walking distance from me — is going to be incredible.”

Redburn’s rehabilitation of 16 Sheridan is part of a slate of projects the developer is working on in downtown Albany.

Kiosse said she has spent a lot of time downtown as part of her legal career, and was enticed to invest at a time when the area is going through a transformation.

“There’s been a movement to make this a residential community,” she said. “That really inspired me to be a part of that.”

The development, called The Knick in honor of its local-journalism pedigree, will offer 130 apartments ranging from studios (with rents starting at $875) to two-bedroom units, Buell said.

“These are apartments for everyday people,” he said. “We are passionate about people spending a third of their income on apartments and not 50 percent, which is happening in large cities across the country.”

Tenants can opt for a $175-per-month service package that includes all utilities, DirecTV and internet. The pet-friendly building runs on a natural gas-powered combined heat and power system and features a rooftop deck with a fire pit and even a dog-washing station, developers said.

Redburn plans to hold an open house Saturday from 10 a.m.-2 p.m.

Common Councilwoman Joyce Love, who toured the building Friday with her husband and Albany County Legislator Merton Simpson, said the renovations are beautiful and it’s a good start to improvements in the area.

“It’s right in a neighborhood where we need more activity rather than crazy stuff,” she said. “It’s moving in a positive direction.”

Sheehan said it’s a city’s dream to have developers who have a vision and want to bring life to downtowns. All the work Redburn is doing downtown coupled with “fun, funky spaces” and residential offerings that are affordable will bring more life to Albany, she said.

“I think it’s a testament to the fact that we remain committed to building this new neighborhood in a way that is equitable, building this neighborhood in a way that is sustainable,” she said. “We’re going to look on it with pride a decade from now and say, ‘Wow, look at what we accomplished.’”