Now that the College of Saint Rose in Albany is closed, the new Albany County Pine Hills Land Authority is charged with deciding the future of the campus’ properties.
The authority will be staffed by seven local members, with four appointed by the county executive, two appointed by the county legislature chair, and one by the mayor of Albany. They will serve four-year terms. No appointees have been named yet. Albany County Legislature Chairwoman Joanne Cunningham has reached out on social media asking residents to send resumes and cover letters for consideration.
The private college shuttered after more than a century, citing low enrollment and financial pressure. But it leaves a significant footprint in Albany, with dozens of now-vacant buildings located in the city blocks.
At the close of the New York state legislative session, lawmakers approved the Albany County Pine Hills Land Authority to handle the property’s future. 109th district Assemblymember Pat Fahy said it is “essential to not have Saint Rose's fate determined by bondholders Invesco and BlackRock."
There were $48 million dollars in outstanding bonds.
In the spring Touro University of New York City had expressed interest in affiliating with Saint Rose, but nothing came of it. In May, the college hired international real estate broker JLL, Jones Lang LaSalle, to help the school market its 81- building campus, which the Authority could purchase. Fahy says it’s too early to say what will happen next.
"I think we have to kind of see what is going to happen. And there may be the competing interests, the authority may be interested in bidding those bonds, those $48 million in bonds. I think I read somewhere it's now up to over $50 million because of the interest charges that have not been paid. So I think it's, I think it's now over 50, and we may see. JLL come in with some buyers too. So it's, I believe it's a very fluid situation, and let's hope there's a lot of interest. We know of some local interest, but the only other outside interest that we have seen in the last six months was Touro, and that one fell of its own weight. There was just they needed too many resources for too little return. They only wanted a small, small piece of it, and needed too much funding to accomplish that," said Fahy.
The Democrat says the situation is fluid and there is a line of interested parties.
"The Albany schools has expressed an interest in some pre-K classes and more," Fahy said. "There's the Albany Symphony. The YMCA has expressed some interest. I mean, a lot of different nonprofit and public entities have expressed an interest in the campus. So I see it as many parts, many ideas being pulled together, ultimately. But there may be a surprise out there that we're not aware of, that after the realtors market this more, we may see something more."
County Legislator Sam Fein represents the 6th district.
"The deadline for people to apply for the chairwoman's appointments is Monday, July 15," said Fein. "And I think that this land development authority is a great idea because it allows us to ensure that these buildings will continue to be put to use, and it gives us the ability to find the right uses for that, whether it is a college campus which would be great to continue the educational setting of the neighborhood, or housing, which is an important need, businesses, something else, or a combination of all of them."
Questions remain, including whether the authority will conduct open public meetings, and if a single individual will be named to head the body.
"Stay tuned," said Fahy. "I met with the community members last week. I'm in regular touch with the county executive in his office. So we, we are all in regular touch, and we will have to see. You know, some of this is up to the bondholders, on when or if this goes to bankruptcy court. That remains a fluid situation, too. Now they may decide to wait to see what JLL the realtor comes up with by September. You know, I know that the JLL Realtors were just beginning that marketing these, you know, in this last month."
JLL did not immediately respond to WAMC’s request for comment.
