In 2003, the Times Union ran a story about downtown Albany’s most dreaded building, raising the question: is it an eyesore or a gold mine? The answer, after 20 years, is clear: it’s definitely an eyesore. In fact, it’s more of a money pit.
Although the defunct refrigerated warehouse doesn’t hold an easy fortune, it is weighing down Albany’s fortunes with its deteriorating structure. Reversing this situation will require a collaborative effort.
Now owned by CW Skyway, LLC (a partnership between Redburn Development and Columbia Development), the goal is to convert the warehouse into apartments and retail space. They secured $9.75 million in funding from Empire State Development last year to kickstart the rehabilitation work. It’s a sign of the state’s confidence in the project, but it’s just a fraction of the public investment needed.
Jeff Buell, a key figure at Redburn, reveals that the warehouse may require $20 million in remediation before any rehabilitation work can begin. An engineering inspection uncovered that the exterior walls are leaning away from the building. The developers emphasize that they can’t handle this on their own and are requesting the state to cover most of the asbestos removal costs. They are also concerned that replacing the exterior walls could jeopardize their plan to obtain historic preservation tax credits.
No matter what happens to the Central Warehouse — whether it is rehabilitated or demolished — it will require additional public funding. This massive structure, spanning 500,000 square feet, was built with several feet thick concrete walls to accommodate freight trains. Even demolishing the building would come with a hefty price tag. It is simply not feasible for any private developer to take on such an immense project alone.
The fate of the warehouse goes beyond aesthetics or urban development. Last year, sections of the building started falling near Amtrak passenger lines, resulting in a multi-day closure that disrupted the entire northeast rail network.
Moreover, some buildings hold a significance that goes beyond their physical presence. They shape the narrative of their surroundings, either enhancing a neighborhood or dragging it down, motivating new investments or driving them away. For many, the Central Warehouse has become a symbol of Albany’s stagnation — a story of a city unable to undertake ambitious endeavors.
Is it possible to rewrite this story with a more positive outcome? It is indeed, and we sincerely hope it will be.
However, we don’t have to wait until the end to take the next steps. Since asbestos remediation is necessary regardless of the project’s fate, it is reasonable for the developers to seek assistance from the state. The state should provide the necessary support. Additionally, the concerns regarding historic tax credits need to be promptly addressed, allowing the developers to plan their next moves.
What absolutely must not happen is inaction. The Central Warehouse cannot be left to deteriorate until the developers give up or until it poses an immediate danger to the public. The city, county, and state must all be prepared to support a realistic project with substantial investments, as they all have a stake in the prosperity of the capital city.
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