First Columbia is moving forward with a transformative plan to bring new energy and investment to downtown Albany. The proposal at 705 Broadway, a currently vacant lot across from the Leo W. O’Brien Federal Building and next to the Hyatt Place Hotel, would create the first new Class A office space downtown in nearly 20 years.
Latham, NY — August 20, 2025 — The development envisions a nine-story office building with a ground-floor restaurant, a four-story mixed-use residential building, and a new urban plaza. Together, these projects will strengthen downtown as both a workplace and a neighborhood.
Statement by Mayor Sheehan:
“The proposed nine-story, Class A office building and apartments at 705 Broadway is very welcome news for Downtown Albany and fills a crucial void in the full revitalization of Clinton Square. My team and I have been working closely with Kevin Bette and Frist Columbia for weeks on this proposal, and we are excited that we have reached this critical step in the planning process. Kevin’s proposed investment will compliment to the tens of millions of dollars invested in Clinton Square on transformative projects like the Clinton Market Collective, Albany Skyway, revitalized Quackenbush Square, Common Roots, Industrie Apartments, and more. I am looking forward to seeing this project, along with its hundreds of jobs, continue to move forward.”
Office Building & Jobs
Plans call for a 102,136-square-foot Class A office building designed for a single major tenant, with flexibility for subtenants to support long-term growth. The building will also feature a 100-seat restaurant to activate the streetscape and add new dining options for downtown.
“Downtown Albany is ready for high-quality office space that attracts and retains jobs,” said Kevin Bette, President of First Columbia. “The Class A market is very strong right now, and we see an opportunity to bring that growth back into the heart of the city.”
While details of the anchor tenant remain confidential, Bette emphasized the importance of offering modern space for today’s employers.
“There’s a flight to quality happening in the market,” he explained. “Albany needs to capture those jobs by offering the kind of space that employers and employees want.”
Residential & Retail
Alongside the office tower, First Columbia plans a four-story building with 56 market-rate apartments and 4,000 square feet of ground-floor commercial space. Market-rate housing continues to be a bright spot for downtown, bringing residents who support local businesses and contribute to the vibrancy of the district.
Strategic Timing for Albany
The project comes at a pivotal moment for the city. With $400 million in state funding earmarked for Albany—including $200 million for economic development projects near the Capitol—the region is poised for reinvestment. First Columbia is working with stakeholders to pursue the funding sources needed to bring the vision to life.
“To build new construction under today’s cost structure, some public-private collaboration is necessary,” said Bette. “We’re actively working with partners to make the numbers work.”
Next Steps
The Albany County Planning Board will review the project’s site plan amendment on August 21, with the city planning board set to consider it in September. Engineering support is being provided by Hershberg & Hershberg of Albany.
This proposal also represents a full-circle moment for First Columbia. Nearly a decade ago, the firm assembled and remediated the site, before selling it to Pioneer Companies to develop the Hyatt Place Hotel. Now, First Columbia is poised to realize a new vision for the property—one that combines office, housing, dining, and public space to reenergize downtown.