<body><div><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=3PHnlR_0q2cIm6Y00" alt="https://img.particlenews.com/image.php?url=3PHnlR_0q2cIm6Y00" width="1900" height="1069" ><p>The College of Saint Rose students and faculty will be heading elsewhere in six months time as the college is set to close, leaving the 49-acre campus empty.</p><p>As students and faculty prepare their next steps, many are left wondering what will come of the college campus.</p><p>"We do want to understand what is going to happen to the buildings, is there an opportunity for those buildings to seamlessly switch over to leases where some of those buildings would be occupied so that we don't have that vacancy,” Albany Mayor Kathy Sheehan said.</p><div style="position:relative;width:100%; height:0; padding-bottom: 56.25%;"><iframe src="https://www.youtube.com/embed/T2neMTmepcs?si=Kts8NGzHXU0g7Sv3" frameborder="0" style="width:100%; height:100%;top:0; left:0; position:absolute"></iframe></div><p>Mayor Sheehan added that her administration is working on safety plans should the campus buildings become vacant, but is optimistic the city won't see another Doane Stuart or Central Warehouse scenario.</p><blockquote><p>I think the value and those properties I think will lend itself to much faster redevelopment,” Sheehan said. “I have confidence that the College of St. Rose will continue to be a responsible citizen and would not allow its campus to be purchased by a speculator who would sit on that campus and allow those buildings to deteriorate.</p></blockquote><p>Albany County leaders are also a part of that conversation.</p><p>“We're looking at if there are buildings, we can take over for county facilities to do some outreach,” County Executive Dan McCoy said. “It's one of the things we're going to look at in the future.”</p><p>Real estate experts say the housing market is strong in the Capital Region, with homes in the Pine Hills neighborhood selling for an average of $300,000. That's about $20,000 higher than the average home price in Albany according to Zillow.</p><p>The campus closure could help drive down prices for prospective renters.</p><blockquote><p>If we see a surplus of rentals in the Albany market because of the St. Rose closure, you may see some landlords adjust the rents from anywhere from 5-20% to offset the difference and make the units more available and attractive,” real estate broker Anthony Gucciardo said. “Obviously at the right price people will rent and you'll get more people coming in from maybe other parts of the area where the rents are higher.</p></blockquote><p>Gucciardo says it would not come as a surprise if a local business or institution purchased those buildings. It’s similar to what we saw when ShopRite closed its Capital Region grocery stores and Price Chopper stepped in.</p><p>"There's a good chance that somebody's going to come in, it's a prime location, established history," Gucciardo said. "They could take over, reinvent it, keep it within the city and it would be great for the area."</p><p>Mayor Sheehan said Monday she has received emails of parties interested in campus buildings, but wouldn't comment on specifics.</p></div></body>

Mountain View, CA

NewsBreak

Facing closure, College of Saint Rose's campus sparks interest for redevelopment and potential rent drop

The College of Saint Rose students and faculty will be heading elsewhere in six months time as the college is set to close, leaving the 49-acre campus empty. As students and faculty prepare their next steps, many are left wondering what will come of the college campus. \"We do want...

The College of Saint Rose students and faculty will be heading elsewhere in six months time as the college is set to close, leaving the 49-acre campus empty. As students and faculty prepare their next steps, many are left wondering what will come of the college campus. "We do want...