Cohoes Officials Hope Housing Complex Makeovers Spur Further Development

By Terry Stackhouse

Times Warner Cable News

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The Cayuga Plaza Apartments are being sold. The new owners plan to invest more than $5 million to upgrade the downtown Cohoes senior housing complex.

“And they wanted to invest in our downtown. They believed in our mission,” Cohoes Mayor Shawn Morse said.

Morse made the announcement Tuesday, alongside the soon-to-be owners from Preservation Development Partners. The New York City-based group aims to preserve affordable housing in urban areas.

“We’re very happy to do senior housing. We know that it is very much needed,” said Francine Kellman of Preservation Development Partners. “Cohoes is a wonderful place to live.”

Other funding for the project comes from federal bonds, low-income housing tax credits, and a $4 million loan from Goldman Sachs. Renovation plans include new kitchens, bathrooms, countertops, appliances and cabinets for all 126 units in the 10-story building — welcome news to those who call the building home.

Earlier in the day, city leaders took part in a groundbreaking ceremony for a $25 million luxury apartment complex. Morse hopes both projects will help spur other economic development projects in downtown Cohoes.

“We know that to get our downtown vibrant, we need to have people live down here,” Morse said, “and our seniors are so important to us in this city.”

All of the work will be done with tenants in still in place. Renovations are expected to begin early next year and could take up to a year-and-a-half to complete.