PRESS - Multi Residential - MLB Construction

After more than 75 years as a general contractor, MLB Construction Services LLC of Malta is tackling its first local development project -- and it's in a low-income Schenectady neighborhood where quality, affordable housing is hard to find. The company is teaming with a small, local business, A.I.K Property Group LLC, on a $13 million plan that would build 41 duplexes with about 120 bedrooms on a street in Hamilton Hill that has abandoned homes and empty lots. The project on Summit Avenue -- a joint effort with city officials and the Capital Region Land Bank -- is contingent on receiving about $6 million in subsidized financing through the new Affordable Homeownership Opportunity Program administered by New York State Homes and Community Renewal. Damien Pinto-Martin, manager of pre-construction services at MLB Construction, said the state agency has been supportive of the application. A decision could be announced in the spring. If approved, the balance of the financing would be provided by the Community Preservation Corp., a nonprofit affordable housing finance company. Nine vacant houses would be demolished among the 19 parcels where the construction would occur. The new homes would be 1,300 square feet to 1,600 square feet with modern kitchens and energy-efficient heating and cooling systems, and starting prices of $139,000. They're meant to be affordable to households earning $45,000 to $60,000 annually, which is 70% to 80% of the area median income for Schenectady County. The monthly cost -- $1,100 to $1,200 including mortgage, taxes and insurance -- is comparable to a three-bedroom apartment in the neighborhood but with the advantage of being an owner, not renter, Pinto-Martin said. Founded in 1947, MLB Construction provides general contracting, design, development and other services for clients in a variety of fields, including education, housing, medical, hospitality and retail. Total billings last year were $91.5 million for projects in the Albany region and the Carolinas. The company bought some properties in North Carolina and Florida in the early 2000s for real estate development but scaled back after the 2007-09 national recession. MLB was hired years ago to renovate affordable housing for Omni Development of Albany, but hasn't taken the lead as an equity partner in a local deal until now, Pinto-Martin said. There were several threads to the origin of the Summit Avenue project. MLB was interested in pursuing a local development deal prior to Pinto-Martin joining the company last September from Redburn Development Partners in Schenectady. Pinto-Martin had contacts in the city, as did other company officials. They were introduced to Pamela Swanigan, co-owner and director of business development at A.I.K Property Group. MLB President Jim Dawsey has a personal connection to the neighborhood because his father grew up with seven brothers and sisters on a portion of Summit Avenue renamed Georgetta Dix Plaza. The family home was previously demolished and isn't part of the project site. RECOMMENDED TRAVEL & TOURISM Scottsdale resort ranked by US News as second-best hotel in the country FOOD & LIFESTYLE 5 things to know: Prominent local brewer leaving the area RESIDENTIAL REAL ESTATE Pewaukee Lake luxury home with sunset views sells for less than asking: Slideshow Pamela Swanigan and Damien Pinto-Martin walk on Summit Avenue in Schenectady. Enlarge Pamela Swanigan and Damien Pinto-Martin walk on Summit Avenue in Schenectady. DONNA ABBOTT-VLAHOS | ALBANY BUSINESS REVIEW "What we're looking to do is create some really strong partnerships with potentially some smaller MWBE and BIPOC companies," Pinto-Martin said, "and support those developers with our experience as a construction company and our experience on the development side." MLB's partnership with A.I.K Property Group is a big step up for the small company, which has affordable housing projects in the pipeline on Barrett Street in Schenectady and in Amsterdam. A.I.K has applied to the state to be a certified MWBE. Swanigan been working closely with Pinto-Martin on the pro forma financial statements, construction estimates and other matters throughout the planning process. She wants to make quality housing accessible to people who cobble together a living by working at places such as Walmart and would like to get their piece of the American dream. "This gives families who are at the moderate- or low-income level an opportunity to course-correct for their family's legacy by growing generational wealth through the old fashioned way: buying a house, saving and passing that equity to the next generation," Swanigan said

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