Fairbank Properties got money from the government to build affordable apartments in downtown Albany for actors who work at the Capital Repertory Theatre, after trying for a long time, teaming up with Proctors Collaborative.
Fairbank Properties Secures Government Funding for Clinton Square Studios – Partnership with Proctors Collaborative to Provide Affordable Housing for Capital Repertory Theatre Actors
According to the published article in The Business Journals, Fairbank Properties, a local real estate company, finally got money from the government to help build a new affordable apartment complex in downtown Albany. They’ve been trying for a long time, but now they have $5.4 million to make it happen. The affordable apartment, called Clinton Square Studios, will be for actors who work at the Capital Repertory Theatre nearby. But, Fairbank still needs more approvals and investors before they can start building.
This project has been in the works for over five years. It’s a partnership with another company called Proctors Collaborative, which runs the Capital Repertory Theatre. The goal is to make nice, affordable apartments for the actors who perform there. Proctors will manage one floor of the building and pay for some affordable apartments with a $1 million grant from the government. They also got $2 million from the city back in 2019 to help pay for it.
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$5.4 Million Government Funding Secured: Fairbank Properties to Build Affordable Apartments for Capital Repertory Theatre Actors in Downtown Albany- Check It Now! (PHOTO: The Business Journals)
Fairbank Properties Sees New Albany Affordable Apartment as Smart Investment for Downtown Revitalization
Furthermore, even though the costs went up over time, Fairbank still thinks it’s a good investment. They say they can handle the high interest rates because of how they’re getting money for the project. This new affordable apartment building will not only help the actors who need a place to stay, but it’s also part of a bigger plan to improve downtown Albany.
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