Last October, the Albany City Council authorized the city staff to negotiate to buy the former Wells Fargo Bank branch at First Avenue and Broadalbin Street. On Friday, the city closed on the purchase for $1.5 million.
Albany’s urban renewal agency will try to buy a downtown property. They don’t want the public to know which one, but it sounds like the building and parking lot of the former Wells Fargo branch on First Avenue.
Rumors that Wells Fargo was about to close its downtown Albany branch had been circulating for weeks before the bank confirmed them Monday. The downtown urban renewal board will hold a closed-to-the-public meeting Wednesday to consider real estate transactions, and the idea of buying the building for its parking may well come up.