SCHENECTADY — Developers broke ground Thursday on Live-In Schenectady, a $3.5 million project that will transform a formerly blighted stretch of Barrett Street into 15 new homes.
Officials who spoke at the mid-morning ceremony were excited about the prospect of creating a brand new community in the area, which sits in a gap between development at Mohawk Harbor and on Union Street, and they expressed hope that the work would inspire existing property owners nearby to improve their property.
They also gave credit to a group of five banks and 15 investors for providing the financing to make Live-In Schenectady happen — the project is not receiving a public subsidy. The property on which it will be built was seized over the years by the city for non-payment of taxes. The structures that formerly sat on it, which included three restaurants and several derelict homes, burned down or were demolished over the years.
The group of investors purchased the land from the city; the houses that will be built there will be subject to property taxes.
The Daily Gazette is among the investors putting money into Live-In Schenectady.
Galesi Group CEO David Buicko speaks at the groundbreaking for the Live-In Schenectady housing project on Thursday, July 13, 2017. Listening at center is Schenectady Mayor Gary McCarthy. (John Cropley)
Dignitaries hoist the symbolic first shovel of dirt at the groundbreaking for the Live-In Schenectady housing project on Thursday, July 13, 2017. (John Cropley)
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