ALBANY, N.Y. (NEWS10) — These buildings have been an eyesore in Albany County for decades along Exchange Street. Now one company has a proposal to tear this all down and rebuild.

“We’ve had enough of it,” City of Albany Treasurer Darius Shahinfar said. “We don’t want to see it anymore.”

“We all want it gone and the time is now,” Vice Prsident of Richbell Capital William Hoblock said.

The City of Albany Treasurer and Vice President of Richbell Capital are both referring to the First Prize Center at 74 Exchange Street. A once thriving meat packing facility that employed hundreds is now just a sad looking group of vacant, deteriorating buildings, but that could all change if Richbell Capital’s development proposal is approved.

The company wants to demolish every building and rebuild the 32 acre site to a mixed use community, which would include restaurants, housing, shops, and entertainment. Assemblywoman Patricia Fahy is already on board.

“We know from the research what millennials are looking for,” Fahy said. “We know what retiring baby boomers are looking for and this is it.”

The project does come with its fair share of challenges. Zoning approvals could be difficult given the site is on both Albany and Colonie property. Richbell Ccapital is asking the municipalities to work together to make the process easier.

“The state statute provides for the municipalities to come together to foster redevelopment by adopting one overlay zoning district that covers the entire property,” Hoblock said.

The overlay zoning would call for one planning board with members from both Albany and Colonie. Colonie Town Supervisor Paula Mahan was at Thursday’s announcement and expressed her support.

“It will bring a lot of jobs, recreation activities, entertainment,” Mahan said. “Let’s get this done and let’s move forward.”

The developer says this will be a heavily phased project and they are not sure yet how long it would take to build.