TROY -- Local developers are looking to convert the former Russell Sage College dormitory and classrooms on Congress Street into 71 market-rate apartments.
The developers have submitted their proposal for the historic four-story building, titled "Historic Redevelopment at 39-45 Congress Street," to the city Planning Board and the Troy Industrial Development Authority.
RDC Holdings Troy LLC is investing $8,295,849 in the project, according to its filing with the Troy IDA. This includes $2,278,000 to buy the building from Russell Sage College, $4,056,886 in construction costs and $1,960,963 million in other expenses such as machinery, interest and professional fees.
"Historic renovation of former dormitory into market-rate housing" is how the Planning Board application filed by RDC Holdings Troy LLC reads.
The submission said the 60,000-square-foot building, which is across from Sage Park, would consist of studios and one-bedroom apartments, which would include resident amenities. No exterior changes are proposed.
RDC Holdings is a subsidiary of Redburn Development, which has major real estate investments and projects across the Capital Region. The sale of the former Manning Hall and Scrimshaw Health Sciences Building is contingent upon Planning Board approval for the project, a company representative said.
The Planning Board was scheduled to take up the site plan review of the proposal Tuesday night. The IDA is scheduled to review the RDC Holdings application Friday.
RDC Holding is asking for tax breaks on $179,155 in sales and use fees, $86,250 in mortgage recording fees and the estimated $92,406 in property taxes for the downtown project, according to its IDA application. The city currently collects no property taxes on the college-owned building.
"Our proposed project will inject new life into a now vacant building in the heart of downtown Troy. We pride ourselves on preserving the region's history while creating quality options for the growing workforce. We are a Troy-based company that would like to invest into the city, but we need the IDA's assistance," the RDC Holdings application states.
Manning Hall and Scrimshaw Health Sciences Building were listed for sale for $2.7 million earlier this year. Also put up for sale with a price of $2 million by the college was the building at 47-55 Congress St. that housed the M.O.S.S. bookstore and the former Bruegger's Bagels.
Manning Hall had rooms for 100 students, according to a description of the dorm posted on the college's website. The building has an inner courtyard with a glass skylight. The mostly single rooms had half bathrooms. Manning Hall opened in 1965.
Students were housed in the dorm until August, said Jennifer Gish, the college's vice president for marketing and communications. The college had enough capacity in its dorms at its campuses in Troy and Albany to absorb the students.
Scrimshaw began its career as a dormitory named Ricketts Hall in 1967. It was later converted into use for the college's physical therapy and occupational therapy programs.