A key downtown Albany parking garage will stay put — for now.
A feasibility study to determine the fate of the Riverfront Garage situated behind Kiernan Plaza, a former train station located on Broadway, has concluded. The Albany Parking Authority had been trying to decide whether to repair the existing 814-car capacity structure, or tear it down and build a new one.
The report was prepared by BJH Advisors, hired by the Authority with a grant from the Empire State Development Corporation.
Consultants and advisors preparing the study considered how the existing garage fit in with the current real estate market in downtown Albany. They arrived at four scenarios: maintain the present building while improving surrounding spaces; build a new garage with a separate development parcel; build a new garage with residential or hotel space, retail amenities and a public park; or construct two mixed-use, predominantly residential developments, both with integrated parking.
A review of the 40-year-old garage's physical condition found that with diligent maintenance and repair the current structure can remain in operation. Vince Lee is with Rogers Partners Architects + Urban Designers.
"As the existing conditions study indicated, it's viable for another 10 years or so," said Lee. "But as we worked with the city, we thought we could do some things to better integrate it into the into the existing neighborhood and to help improve and start to set the table for improved connectivity to the riverfront, once 787 has worked out. One of the things we looked at was to try Centennial Park, improvements to greenery, wayfinding and sidewalks, including improved sidewalk crossings, reconfigured curb lines to hold parking, lighting and wayfinding. And then the reconfiguration of Columbia Street as a one way street pumping that curve out and alleviating some confusion that sometimes happens there with pedestrians."
The wild card is the fate of Interstate 787. Assemblymember Pat Fahy, a Democrat from the 109th district, has been leading the drive to reimagine the highway and open up more access to the waterfront. $5 million in the state budget was earmarked for a three-year study. Parking Authority Executive Director Matt Peter says any reconstruction effort would need to be compatible with future redevelopment of the highway.
"Tearing down the garage and building up and building new, including potential, you know, mixed use residential or commercial development, is not financially feasible at this time, primarily because construction and interest rate costs are just so high," said Peter. "And that the whole project in general, is dependent on what's going to happen with 787. Knowing what they're going to do with 787, after the report is going to reflect what the site can do for its highest and greatest use and purpose. And a lot of what we were focused on was how do we make the site more conducive to people utilizing the waterfront, getting over 787, connecting the community back to the waterfront, and also making sure that the site was highest and best used by you know, bringing more vitality to a downtown that is continuously growing."
Lee suggests other improvements can go hand in hand with whatever reconfiguring 787 brings.
"The existing pocket park behind Kiernan Plaza gets improved, but not enlarged," Lee said. "There's about 81,000 square feet of improvement, off-site improvement areas and through the reconfiguration of the Orange Street ramp, you’d get about 43,000 square feet of repurposed public land along with the bike lane, potential bike lane connection down Water Street, completing the downtown bike loop."
Peter says enhancements will have to wait.
"What we ended up concluding was that until we understand what is going to happen with 787 with the study, and until, you know, interest rates, and construction costs normalize, there's not much to be done on any of the redevelopment things, but there's lots to be done in connecting the garage and the waterfront," said Peter.
Peter notes the bonds that paid for the garage will be paid off in late 2025, $500,000 a year the Parking Authority will no longer have to pay in debt service.
The advisors' financial analysis of Riverfront Garage's revenues and expenses found that for now the facility can generate more revenue than the cost of operating it. Should economic conditions improve and construction costs moderate, a freestanding garage redevelopment may become financially feasible.
