ADLER PLACE CONDOMINIUM PROJECT
PROJECT DESCRIPTION
The proposal includes two principal buildings facing onto a central courtyard space. It will be built on vacant land which is the former site of St. Jean de Baptiste Church.
BUILDING S, on the west side of the lot (Second Street), is 3 stories high with 17 condominium units: 12 with one bedroom each and 5 with 2 bedrooms. 5 of the 17 units are completely wheelchair accessible with private patios. The other 12 units have roof decks. A walkway through the building welcomes residents and visitors into the central courtyard from Second Street. This building includes a package room for deliveries that will serve all Adler Place owners. Mailboxes and bicycle storage are located in the covered walkway.
BUILDING F, on the east side of the lot (Franklin Street), is 3 stories high with 12 condominium units: 5 with 3 bedrooms, 4 with 2 bedrooms, and 3 with one bedroom. 3 of the 12 units are completely wheelchair accessible. Every unit has a private patio or balcony. A walkway through the building gives access to the shared courtyard from 13 alley parking spaces.
BUILDING A, 77 Adams Street (School 10), is an existing 20-unit affordable rental property owned by TAP Inc. since 1991. This building will be renovated and converted to 19 units of condominium ownership. Current tenants are being encouraged and assisted to become owners of their units. Because the building exists and no changes are proposed
to the site, this renovation does not require City Site Plan review, only a building permit.This building includes a community room, storage spaces and a laundry room shared by all owners of Adler Place. Behind School 10 is a green space available to all Adler homeowners, part of which will be designated as a dog park.
222 2nd St., was recently added to the Adler Place project. It has a 3 bedroom apartment on the second floor which will be renovated and sold as a condominium unit. The first floor is a vacant space which will be renovated as a commercial unit of the condominium corp. It will be fit up as a shared community event space and “pop up” café. It will also have a small-repairs workshop space with benches and hand tools for use by the Adler Place Homeowners and the maintenance staff. TAP hopes to retain ownership of this unit with the intent of hosting neighborhood events and cultural activities. The storefront will be restored to appropriate historic standards.
Leslie's Garden will remain, becoming part of the shared courtyard space for all Alder Homeowners. The garden and this project are named for Leslie Adler, a TAP architect who went on to work at NYS Homes and Community Renewal (HCR) and was a strong affordable housing advocate.
A private parking lot adjacent to Leslie’s Garden is utilized by School 10 tenants and some neighbors. The buildings and courtyard will be built on that lot and new parking spaces will be built along Franklin Alley under Building F. 13 ten-foot-wide spaces are planned along the length of the property.
BUILDING DESIGN
The new buildings will be Passive House Institute US Certified, a super insulated approach to construction with emphasis on reduced carbon footprint of construction materials and methods as well as long term operation. All units will be heated and air conditioned. There will be no mechanical systems utilizing fossil fuels. The buildings will be fully sprinklered. Building F is designed to hold a solar photovoltaic array on its roof. Building S has private roof decks.
The project is designed to comply with flood plain regulations. There will be no basements or crawl spaces. A storm water retention system in the courtyard will collect roof and site water, releasing it slowly into the municipal system so as not to overwhelm its capacity.
Along 2nd Street, Building S will be a red brick masonry structure with cast concrete stoops. Bay windows and cornices will consist of painted composite materials appearing like wood. The rear (alley) face will be a composite panel or metal panel material. The courtyard facades will be a combination of masonry and panels, details and colors to be determined
The courtyard is the central design feature of the project. It will have pervious pavers to allow storm water collection into the retention system. It will have green lawn spaces and hardscape patio spaces with seating. There will be raised beds for gardening by owners. Children’s play, community gathering and quiet sitting areas will be incorporated in the landscape design.
The number and type of units can change but the current plan is:
(9) 1 Bedroom units
(7 of these are grade level wheelchair accessible)
(6) 1 Bedroom + study units
(21) 2 Bedroom units
(1 is grade level wheelchair accessible, 16 are elevator accessible)
(11) 3 Bedroom units
47 TOTAL condominium units
OWNERSHIP
St Jean LLC is the corporation set up to manage and own the development project. TAP Inc. is a managing partner in St Jean LLC. Financing will be provided through the AHOP (Affordable Homeownership Opportunities Program) from NYS HCR (Homes and Community Renewal). This program subsidizes the creation of new condominium homes through new construction or conversion of existing units.
BUYERS will need to qualify with incomes at or below 80% of the Area Median Income (AMI). These are AHC (Affordable Housing Corporation) figures which are based on income limits issued by the U.S. Department of Housing and Urban Development (HUD).
Households can purchase any unit they can afford. They will need to qualify for a mortgage from the bank of their choice. TRIP’s Homeownership Center works with people to improve their credit and to get approved for mortgages. They also manage a down payment assistance program that could provide up to $25,000 in down payment assistance. The Touhey Foundation has also pledged $10,000 of down payment assistance for qualified buyers.
The HCR funding requires that if owners sell their unit in the first 10 years, they can sell only to another buyer in the 80% AMI bracket. Their equity will be limited somewhat, but they will still see a gain if market conditions are favorable. After 10 years, owners can sell their units without restrictions.
It is interesting to note that most low- to moderate-income homebuyers remain in their homes for 20+ years.
PURCHASE
Buildings S and F will be brand new construction. Unit costs will range from $150,000 to $250,000. Prices will be set so that the housing costs for the buyer do not exceed 25% of their total income. Example: a household income of $84,850 yields a housing budget of roughly $21,000 per year. That budget must pay for mortgage, insurance, homeowner association fees, and property taxes. A set of prices will be established for approval by HCR before the units are marketed.
Buildings A is an existing HCR regulated property. These units will be less expensive because there are stricter equity restrictions. Unit prices in School 10 may range from $50,000 to $100,000. Much work and negotiation still needs to be done with our funding agencies before setting the market prices of Adler Place units.
The Condominium Corporation must be approved by the NYS Attorney General before the units can be offered for sale. This is a lengthy legal process which is just beginning. This approval happens in parallel with the financial approvals and the development of the construction documents. Once approved, St Jean can post the “offering” of condominium sales. Part of the AG’s approval is a review of the Condo Corp bylaws. HCR will insist that the bylaws include prohibition on owners renting out their units for short (Airbnb) or long-term rentals. The AHOP funds support homeownership only.
The purchase process begins when the Offering is made public. Potential buyers are then able to start the application and qualification process which follows strict procedures. At this time, they are also getting “mortgage ready”. At some point the application period is closed and all applicants are entered into a lottery. By lottery, buyers are selected and given a time frame to submit mortgage commitments and other documentation. A waiting list is also established in case applicants withdraw from the process. Current tenants of Building A will be exempt from the lottery.
Municipal Review is underway. It started with preliminary design workshops in City Hall involving staff from planning, zoning, engineering and code enforcement. There has also been coordination with the County 911 address office and the Troy Fire Department. The comments and concerns raised by city staff and TFD have been addressed in the Site Plans submitted for Zoning and Planning Board approval.
Troy Zoning Board of Appeals reviewed the project at their January 8th hearing where they tabled a vote. They asked for additional drawings and diagrams to illustrate the feasibility of parking along the east property line. Troy’s ordinance requires parking spaces to be set back 25’ from a front property line. Because Franklin is labelled as a street on the official city map, it is considered a front property line instead of a rear property line. At their February 5th meeting, (6pm in City Council chamber) the parking access diagrams will be presented and ZBA will be asked to interpret the east property line as a rear lot line, as is common with alley conditions.
Troy Planning Board will review the project on Tuesday February 18th at 6:00PM in the council chamber of city hall, 433 River St. The meeting can be attended virtually as well. The Planning Board has reviewed the project materials to determine that all necessary information has been submitted. They could approve or reject the project at their hearing on the 18th.
SCHEDULE There are many legal procedures involved in establishing the condominium corporation and advertising the units for sale. There are also unknowns in the construction and financing processes. This schedule is an estimate of project timeframes and milestones.
Feb – June 2025 Obtain municipal approvals, obtain financing, complete the construction documents, select a contractor and obtain building permits.
July 2025 – Dec 2026 Construction
Aug 2025 – Aug 2026 Market the units and take applications
Sept 2026 Lottery for homebuyers
Dec 2026 Begin occupying units as buyers close on their purchase