The former Wells Fargo Bank site now serves as a parking lot. Photo was taken on April 17, 2025.
On a bike ride through downtown Albany in mid-April, I stopped on the former Wells Fargo Bank property, wondering what happened to the plan for redevelopment of the site. Members of the city council are wondering too.
At last Wednesday’s council meeting (April 23), Councilwoman Steph Newton-Azorr raised the topic. She wondered why nothing had happened more than a year after the council voted to sell the property.
A contract for the sale of the land has not been signed, and the city still owns the land, City Attorney Sean Kidd said. As for any potential next steps, he said he could make a recommendation to an executive session, closed to the public, of the council acting as the Albany Revitalization Agency (ARA).
On Oct. 2, 2023, the council, acting as the ARA, voted to sell the former bank site and parking lot to Scott Lepman for $310,000. The site fronts First Avenue between Broadalbin and Ferry streets.
Lepman showed the council drawings of what he proposed, which is a four-story structure on the entire half-block. The building would house several commercial spaces, 20 condomimiums or apartments, and covered secure parking with 47 spaces, 17 of them reserved for the residences planned in the former St. Francis Hotel across the street.
Before the sale was to take place, the city and Lepman would have to negotiate a development agreement.
After last week’s council meeting, I got in touch with Lepman, and he explained his position in a phone call.
As I understood him, he wants to go ahead with the project but has concerns with the agreement the city proposed to him. His concerns relate to investment risks the project poses.
He also wants to be sure that as an Albany developer who, with ARA help, has completed several residential projects downtown, he is being treated fairly, that is the same as the Obie Companies of Eugene.
Obie has an option to buy three city-owned parcels fronting on Water Avenue with the idea of building apartments on the land, but only if the city has a program for “multiple unit property tax exemptions” or MUPTE.
The city staff has been preparing a MUPTE ordinance for council approval. Under the program, certain downtown residential developments can qualify for a 10-year property tax exemption on the buildings but not the land on which they are built.
Wells Fargo closed its downtown branch in 2018. The city’s CARA urban renewal program bought the property for $1.5 million in 2019. CARA then paid about $300,000 in 2023 to have the building demolished.
The site has been used as a parking lot since. (hh)
Lepman wants ARA help and Obie wants tax exemptions. Sounds like potential for waste, fraud and abuse and excessive government spending. Oh…wait a minute … only folks below the poverty line and government employees are guilty of those charges. Business Interests would never seek government assistance (see subsidies). They pull themselves up by their own bootstraps because business is America.
Nearly a 2 million dollar parking lot where one is not needed? Way to go Albany! No wonder taxes are high.
Wow buy for 1.5 million, 300,000 to remove build. ( pave it ?? ). Sell it to lepman for 310.00! CARA lost almost 1. 5 million and people are not questioning this? HH what’s going on with old eagles building? Another parking lot???
Lepman, the city’s preferred developer, receiver of millions in CARA handouts, wants to treated as an equal to Obie?
Hmmm, I see his point.
Obie is owned by a former mayor of Eugene and employs Albany’s former economic development manager.
Revolving door vs. preferred developer status – sounds like normal Albany politics to me.
He’s not “preferred.” He’s just the only one to step up when others bailed.
how about it being plan b for the 70 small apts?
Put up tents and call it Ray’s Fiasco.
Actually Hasso the previous well-known partners who proposed to purchase the bank were having to pay one million and the building was still there. I would imagine if they had this sweet deal Lepman pleaded to the city council for, they would not have bailed. Also, the previous partners were not given the option to have the extra parking lot for their sole use. I am glad city staff is looking out for our public interests here. When the bank and parking lot was purchased through CARA the reason was to secure the parking lot for the public to use. I would have never supported the purchase if it was to sell it later for private use. 47 spaces can easily be gobbled up by the new building everyday and how will the public know if there are any spaces available? Once surface parking is sold, it is gone forever. The public hearing was advertised to sell the bank lot only and at the city council hearing Lepman swayed the city council to include the parking lot into his proposal. What a bargain that was! I say kudos to city staff in holding their feet to the ground and Councilor Newton Azorr to question what happened.
You helped keep that CARA Ball” rolling and now complain the new administration is worse than you were.
Here we go again, I said it was an alligator farm when I was outvoted, was called names ,and it was purchased, I do not hate to say I told you so.
The only question is, after taking a $1,500,000.00 loss on the property, and giving up previous owned parking, will the Council have the backbone to say NO.
Build a two floor parking structure and the homeless can use the lower level under cover each evening to stay dry.