The former Wells Fargo Bank site at 300 W. First Ave., shown May 23, 2026, is likely to remain a parking lot for now.
Plans to construct a four-story apartment and commercial building on the city-owned site of the former branch of Wells Fargo Bank in downtown Albany are once again up in the air.
Sable Drive LLC, one of the companies of Albany developer Scott Lepman, has an option to buy the property for $310,000, but the option requires him and the city to reach a development agreement by the end of this month.
On Wednesday, Lepman told the Albany Redevelopment Agency of several problems keeping him from going ahead. In response the agency, consisting of the city council and mayor, voted 5-2 to extend the deadline for the development agreement to Nov. 30. Council members Michael Thomson and Carolyn McLeod voted “no.”
Among the obstacles cited by Lepman:
— He learned from Pacific Power that high-voltage lines in the alley between First and Second avenues would not allow the building as planned. The lines would have to be put under ground.
— The city would require the alley to be improved, but he didn’t want to be the only one to bear that cost. He proposed a partnership with the city in which his crew would rebuild the alley and the city would buy the materials.
— It had not yet been determined whether the ground under the former Wells Fargo parking lot is suitable for the proposed building.
— The ultimate completion date for the project of December 2028, specified in the option agreement, can’t be met.
To refresh your memory about this key downtown site:
In 2018, Wells Fargo closed its downtown branch. A year later, the Albany Revitalization Agency bought the property for $1.5 million.
Efforts to get someone to redevelop the old bank did not pan out, and the council spent another $300,000 to demolish the building and put the property up for sale for $310,000.
Lepman 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.
In October 2023, the council/ARA voted unanimously to sell the property to Lepman. Under the option agreement, which runs out this November, Lepman has been paying the city $3,500 a month.
On Wednesday, Lepman told the council he still wants to do this project, but: “If you think you can find someone else, I’m willing to step away.” (hh)
Why would anyone invest nearly $2 million and sell for $310K ? I am still waiting for a reasonable answer. Unless the City is into a futures market of tax dollars.
What are the options in downtown Albany? To develop an entire block is $10-15M. There was only one developer even interested in doing a speculative project that size. The property tax service on a parcel that size pays back the investment of buying the building from Wells Fargo Bank. I guess the city could have better evaluated the prospects of rehabbing and converting the old bank. Maybe they could have convinced WFB to walk from the property and then sell it to the developer. But that is rear view mirror stuff
That’s quite literally the answer, and exactly what they’ve been doing. As long as this and the Obie project come together, it will pay off for future generations for sure.
What’s this going to cost us electric rate payers this time around?
Lepman companies need to start enduring all the costs for their grandiose vision for Albany. At the very least, quit sucking on the city’s teets, financed by the citizens of Albany.
Anyone in city council got the guts to put this to a citizens’ vote?
“Anyone in city council got the guts to put this to a citizens’ vote?”
You have that option with your vote every two years… That system does work.
Nice deflection…
But, not the correct answer and you know it.
“Surprise! Surprise!” ….as Gomer Pyle used to say on The Andy Griffith (spelling?) Show! Lepman will be glad to step out of the deal if someone else wants to take it over! As Gomer really meant: “Not Surprised! Not Surprised!” Keep the lot as a graveled parking lot. It is a place to park, and it is a reminder of the continuing folly common with the Albany City Council.
This hole….um…town? is going to hell.
Farce after farce. Which, btw, we have to live through.
Flock, failed traffic cams, PPower bill add ons …….
That is THREE. One would have been enough
How’s Lepman doing on the “original” windows on the St. Francis hotel?
Pretty soon it will be so difficult to find parking downtown that people will stop making the effort. If Lepman properties puts up another grand building, I’m betting all the parking will be assigned to their tenants and such. Of course Lepman doesn’t want to pay for the required improvements, ie alley and electrical. Here’s a news flash for the City Council… neither do I!!! How about taking care of the basics before the fancy downtown? You know…roads, policing, hospitals and other needed services.
This notion that downtown Albany lacks parking and that it’s a significant issue for all citizens and needs to be addressed by the city council is a farce. Very rarely ever do visitors parking in downtown Albany exceed the actual number of parking spaces within the downtown district. I get that sometimes there might not be an available parking space immediately in front of your destination, however an available parking space is almost always certain to be found one to four blocks away. This is normal and to be expected in downtown centers as it pretty much always has been. If you cannot bear to walk a few blocks on occasion perhaps you ought to re-evaluate your tolerance threshold and physical health practices as the actual issue instead of perpetuating the false premise of a parking shortage crisis.
It is often difficult to find handicapped parking spaces (downtown and other places in Albany). My husband and I have disabilities that prevent us from walking more than one block, even with a cane or a walker. Our only solution is to shop/dine somewhere else where we can find nearby handicapped parking.
I have had the opposite experience. I also use a disabled parking placard, and often find disabled parking downtown just as easy or easier to find than regular parking. I never have to walk more than half a block. I understand everyone’s experiences are different, and I’m just sharing what i have encountered.
Not sure when you are going downtown, but I’m usually there during working hours. The old bank parking lot has much of the parking designated for employees of area businesses. There are two large construction projects taking place across the street and curbside parking is taken up by scaffolds and construction vehicles. The parking area behind that block is also designated for employees of specific buildings. Not sure where all this parking you reference is located. Please share!
Hear, hear, Josh. Finally somebody gets it. “We need more parking” is a falsehood for all but the biggest events downtown.
Why was the building torn down? Was it in such a state of disrepair that it was beyond repair?
The city council was convinced the property would be easier to sell without the bank building.
actually if you go back and dig deeper, linn county wanted it but the powers that be at that time did’t want the county owning it, and thats just a tiny bit of information, i do believe you know the truth.
The Council was told at the outset that the whole thing would be a cluster………… I was outvoted, when it went sideways the first TWO times, I spoke with the County Commissioners and they were willing to cash the City out but were rejected by the majority of the then Council. After I left the Council they then decided that the building must be the problem………… not their judgement, they then added a sixth of a block of parking that they already owned and offered it for $310k. It is always easier to spend other peoples money when it doesn’t affect you.
It’s water under the bridge, but why did the city buy it in the first place? Madness at best.
This is the same group that bought the Cumberland church and gave it away and THEN, imposed severe swale usage on Jon Baldwin when he bailed them out by buying and improving the lots AND generating tax revenue with the “baseball training facility”.
I’m pretty sure they plan on giving away the 2 lots to the South of the Cumberland church to them. Where did all that dirt come from that’s piled on them? Is the City in the dirt business?
Go ahead & try to find some company to take over this project…won’t happen & when it’s all done & said….it’ll still be a gravel parking lot….