The site of the former Wells Fargo branch in downtown Albany has served as a parking lot since the building was demolished in 2023. (Photo dates from April 2025.)
The saga of 300 West First Avenue in Albany continues. That’s where years ago the First National Bank and later Wells Fargo had its downtown branch.
Now there’s a parking lot, and people interested in downtown wonder how long it will stay that way.
In 2018, Wells Fargo closed the branch. A year later, the city’s urban renewal agency, the Albany Revitalization Agency or ARA, bought the property for $1.5 million and tried to get developers interested in doing something with it.
That didn’t pan out, and the ARA, consisting entirely of the mayor and city council, spent another $300,000 to demolish the building and put the property up for sale for $310,000.
Scott Lepman, the longtime owner and developer of residential real estate in Albany, came in with the only offer. He proposed to cover the block, fronting the north side of First from Broadalbin to Ferry Street, with a four-story structure containing apartments, commercial spaces and parking for 47 vehicles.
On Oct. 2, 2023, the council/ARA voted unanimously to sell the property to Lepman.
From time to time, Councilwoman Steph Newton asks about the status of the venture, and she did so again at the close of the council’s meeting Wednesday night.
Here’s the latest from Sophie Adams, who manages the ARA program at City Hall: On May 29, Lepman signed an agreement giving one of his companies, Sable Drive LLC, the exclusive option to buy the property for $310,000, the price the ARA had set.
“He will make monthly payments of $3,500 in exchange for the exclusive option, as is typical with this type of agreement; it’s an 18-month term,” Adams told me via email. “Within a year and before closing, he will enter into a development agreement with the ARA/City.”
In the meantime, the former bank location serves as a graveled parking lot. When and if a building will go up on the site is not known. For now the parking spaces appear to be safe for at least the next few months. (hh)
Invested $1.8 selling for $300k. Great investment Albany
I believe they plan to sell it for $310k, or in their minds a $10k profit.
I’m only commenting here because someone should…. This whole CARA, ARA, Lepmanville (Oops, I mean Albany) thing of throwing taxpayer’s money around like confetti continues to boggle the mind.
I’m glad someone else sees these things. Between the City of Albany and $636,689 in forgiven Covid PPP loans, taxpayers sure have subsidized Lepman’s success.
So if I read this correctly….
City of Albany purchased the property for 1.5 million. The
City then paid $300,000 to demolish building on property. Total cost of $1.8 million. Sold this for $310,000 for a loss of $1,490,000. I’m hoping those involved in this cluster of decisions can explain to me and others why they thought this was in the City’s best interest? I must be missing some important information. I’m sorry but this makes no financial sense!!
It should hardly need pointing out, but the point of this exercise was to try to make sure the property would become useful to the economy of downtown and Albany as a whole. If Lepman follows through on his plan, there’s a good chance the goal will be met. His other projects have done just that.
Lepman was initially part of a proposal Linn County made to the ARA board in which the County was going to pay 1.5 million for the property. Instead, ARA chose to go with a local architects development concept that never developed. In the end Lepman gets the property, the County moved on to the Wheelhouse and the Albany taxpayers lose 1.5 million dollars. Bad decision in hindsight by our previous mayor and the ARA board.
Lepman’s property on Water between Washington & Ferry (where they are putting the pavers) is assessed at just under $1mil. How much AFTER the pavers are installed?
Apparently an empty lot is worth $1.5 mil? but they want to give it to Lepman for $310k if & when he feels like it? How much is Lepman’s share of the cost of burying the power lines compared to the average homeowner who receives absolutely NO benefit, unless you consider giving 98% of the population ulcers over this constant stupidity of the Mayor/Council.
SOME of that ARA board….
Ditto. Rich had some common sense so they forced him out.
Are you then suggesting the free market operating within the mountain of rules and regulations currently in force by city and state regulators could not be trusted to accomplish a similar favorable outcome without the high cost to city taxpayer and without favoring one particular area developer?
Nice try but since it is/has been an 100% open-bidding process, N0 one is or has been favored. Period.
You mean like the lots across from Van Vleet?
Correct Bill – No one was forcerd to bid – there was even a bid for $1
Wow! A lot to unpack there.
That’s ok. It was the city’s money to spend ( obvious sarcasm) Remember this in the next vote
It does seem odd the council is worried about the compensation for the lots Van Vleet wishes to purchase and build and add jobs.
Scoreboard: Lepman 10 City of Albany 00
$1.4 million dollar loss. Now I see why the city council wants to raise our utility fees from $9/ month to nearly $14/month.
VOTE
You forgot about the city owned parking that was included in the deal….
Think 2 million
A previous council did this and you all are pissy because it’s a net loss. But when the current council tries to get the most for the properties currently being sold, y’all are pissy again? When do you all NOT just complain about whatever the council is doing?
I can’t believe they want to put in such a large apartment complex with only 47 parking spots. Downtown will quickly become a ghost town of customers can’t park.