below 10,000. His solution? Transform underutilized properties into desirable homes.“We joined a lot of those [vacant land] properties together in order to make an incentive for developers to come in and provide some small housing,” he says. The strategy is working, with industrial sites now hosting modern apartments that blend historic character with contemporary living. The numbers tell a compelling story. With over 800 housing units in development, the city anticipates a significant economic ripple effect. “797 units bringing in 2-plus residents per unit equals about $30 million of new disposable income to the small city of Rensselaer,” calculates Bonesteel. Currently, a Placer AI leakage study reveals residents frequently spend outside city limits.“We found that a lot of our residents are going to Albany and Clifton Park,” Bonesteel notes, “so we need to get the word out to retailers to let them know that there’s a lot of money right here in Rensselaer to be spent at retail establishments. That’s what we’re hoping to do, and that ties into the mayor’s comment about how we want housing to serve as an engine for retail development.” The new housing aims to recapture those dollars by creating critical mass for local retailers. State partnerships amplify these efforts. Through the Restore NY program, Rensselaer secured $5 million for housing initiatives, including $1.8 million for BBL Construction for Barnet Mills, $2 million for McManus, and $1.2 million for Railroad Place development. “New York State appreciates what we’re trying to do to revitalize Rensselaer,” Bonesteel emphasizes. These investments not only revive neglected properties Oldacre McDonald, LLC is a national leader in commercial real estate development, specializing in shopping centers and net leased retail projects. From concept to completion, we deliver full-service solutions tailored to your business goals—bringing retail visions to life across the U.S. LOOKING TO GROW YOUR RETAIL FOOTPRINT? 3841 Green Hills Village Drive Suite 400 Nashville, TN 37215 oldacremcdonald.com tdearman@oldacremcdonald.com 615-269-5444 _ 6 CIVIL AND MUNICIPAL VOLUME 06, ISSUE 06
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