Property Description

Introducing 329 North Pearl Street, a prime income-generating, 1.5-acre parcel in downtown Albanys Central Business District, currently leased to Capital Repertory Theatre (theREP) for use as a parking lot. The property is being offered at a price significantly below its most recent assessment, with further development potential awaiting a new owner. With C-3 zoning, the citys broadest commercial designation, the site could support a range of development including large-scale retail, professional offices, hotel, and restaurant.The location is one of its strongest assets. The site sits directly across the street from a midsize residential development, in a growing mixed-use pocket of downtown that blends cultural destinations, established businesses, and new residential construction, a combination that makes this a prime opportunity in the heart of Albany.â?¢1.5 acres in downtown Albanys C-3 Central Business District, fronting North Pearl Streetâ?¢Currently leased to Capital Repertory Theatre (theREP) for use as a parking lot, generating monthly incomeâ?¢Lease expires 2035â?¢451 feet of frontage along North Pearl Streetâ?¢282 feet of frontage along Colonie Streetâ?¢C-3 (Central Business District) zoning, Albanys widest commercial-use designationâ?¢Paved, 44-space surface parking lot on the developed portion of the site, with the balance held as wooded, undeveloped land.â?¢Direct access to I-787 and Route 9 via the Clinton Avenue and Livingston Avenue exits; CDTA bus routes and Albany-Rensselaer Amtrak station nearbyâ?¢Rezoned from C-1 to C-3 by the City of Albany in 2002

Property Features

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