The City of Albany is receiving nearly $10 million from the state to help rehabilitate the Central Warehouse.

This is the largest grant to be awarded through the state’s Restore New York initiative. It’ll help launch the project spearheaded by Redburn Development and Columbia Development.

For more than four decades now, the 11-story, 495,000 square-foot building has largely been neglected. Earlier this year, pieces of the building’s facade fell onto nearby train tracks. Legal battles ensued between Albany County and the property’s former owner, Evan Blum.

Developers say the project will cost upwards of $70 million. And they’ve set an ambitious goal of completing the rehabilitation – which includes stabilization and the removal of hazardous material – by the end of 2024.

“The first floor you’re going to see is about an acre of land that will be commercial uses. If anyone has a really cool idea, we are receiving really cool ideas,” said Redburn Development principal Jeff Buell. “From the second floor up will be a combination of commercial space and residential apartments.”