Hopes of rebuilding the former Wells Fargo Bank branch in downtown Albany by adding three floors of apartments have been dashed by the rising cost of construction.
The outlook for the redevelopment of the city-owned former Wells Fargo branch downtown looks uncertain now, but the city council has given the would-be developer three more months to see if the project is financially feasible.
Albany’s urban renewal agency continues to be shy about naming the parties that offered to acquire the former Wells Fargo branch in the heart of downtown. But it plans to decide on selling the building to one of them the next time the CARA advisory board meets, which is June 19.
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.
One downtown Albany bank stands empty while another is setting up a mobile unit to use as a temporary branch.
CARA on Wells Fargo project: Keep going
No surprise here: A proposal to redevelop the former Wells Fargo branch downtown will need financial help from CARA, the Albany urban renewal program. And the CARA board appears ready to give it, though no specific dollar amount has yet been asked.
Tags: Albany urban renewal, CARA, downtown Albany, Wells Fargo