ALBANY - Developer Ron Stein sees so much potential in the Park South neighborhood, he’s already snagging the property necessary for a second multifamily project.

Stein celebrated the opening of The Reserve at Park South, a 30-unit, one-bedroom apartment complex at 85 Dana Ave. – the first private, new construction project to be completed on the western side of New Scotland Avenue in the Albany neighborhood since the area adopted the Park South Urban Renewal Plan in 2006 – with hints toward a similar project to come across the street.

“We’re here to keep people in Albany,” Stein said. “We believe in Albany. You have to believe in this to make it happen.”

The multifamily complex rises four-stories high with heated, covered parking on the first floor, a rooftop deck and electronic locks through a key fob that can be connected to your phone. Rents range from $1,400 per month to $1,725, the latter for one of two private balcony units, Stein said, and they’ve already started renting.

“I believe there is more than enough demand, and we’re slightly different on different aspects,” he said of potential competition with nearby Tri-City Rentals apartments.

Stein also is rehabbing several brownstones on Madison Avenue, which abut The Reserve at Park South, for additional housing.

The Dana Avenue project completion sets a milestone for the Park South community, which has seen continued growth with guidance through the detailed urban renewal plan and significant investment by Albany Medical Center.

The initial piece of Park South's redevelopment came in 2008 when Winn Development completed its rehab of 18 row houses on Knox Street into higher-quality and less dense affordable housing. Then came the $115 million reconstruction of the blocks adjacent to Albany Med, which offers 268-units of new residential space as well as commercial space along New Scotland Avenue. The medical center’s project also included a new medical office building and parking garage on Myrtle Avenue.

Albany Med president and CEO James Barba said this investment, which was made as the hospital is committing $360 million to improve its facilities, wouldn’t have been possible without partnering with Tri-City Rentals. It not only improved the community, but also the environment for Albany Med’s employees, Barba said.

“One of the things we had hoped for when we decided to commit to Park South was that other developers would either acquire land, or if they owned it already, would redevelop land,” Barba said. “There is no reason that this entire area of the city can’t be improved the way that we improved Park South.”

The urban renewal plan details development plans for a nine-block section of Park South – from Robin to Lark streets and Myrtle to Madison avenues. It was renewed for another five years by the Common Council in 2016.

Since improvements began in 2008, a neighborhood once known for high crime and decaying buildings has seen a major turnaround.

“When I was in my backyard 10 years ago, gunfire was a normal part of an evening in the backyard experience,” said Myrtle Avenue resident Andrew Harvey, president of the Park South Neighborhood Association. “Now the neighborhood is peaceful. It’s mostly young, quiet and cooperative. We don’t really have a lot of crime here anymore.”

Albany Common Councilman Richard Conti, who represents the area, said it wasn’t long after Winn Development did improvements on Knox Street that Park South saw a drastic drop in police calls.

Conti said Park South is ideally located – flanked by two major employers and close to Washington Park, a major grocery store and nightlife on Lark Street – which has made attracting young professionals and emptynesters to the area an easier sell as more high-end housing comes online.

“That was always the building block and argument that we are such a strong neighborhood in terms of location and unique assets,” he said.

But even with the natural allure, Park South saw disinvestment, said Sarah Reginelli, president of Capitalize Albany – the city’s economic development arm.

“In a small, nine-block area, it did take that concerted effort and that aggressive push to revitalize that community and take advantage of all the amenities and assets surrounding it,” Reginelli said.

Now people are seeing things in a different light. Property owners are making improvements, other developers are tapping in. Westchester County resident Sameh Asaad is looking to demolish a three-story brick building set back from the road at 105 Morris St. to make way for a multifamily building.

“It was seen as the community undergoing a transformation. I think that trend continues to this day,” Harvey said. “I think people feel more confident in investing in properties here. That it’s a good investment to make, that you won’t be seeing major losses.”