Construction is underway on the second phase of the Steamboat Square rehabilitation in Albany's South End. The project is reworking apartments at 200, 220 and 230 Green Street along with six groups of townhomes near the intersection of Green and Rensselaer streets, with plans for 343 updated units serving residents across a range of incomes.
According to the Times Union, Phase 2 is co-developed by the Albany Housing Authority and Edgemere Development, with the Albany Housing Authority listed as owner of the project. The newspaper reports units will range from one to five bedrooms and are intended for residents earning up to 80% of area median income; Albany's median household income stood at just under $62,000 in 2024, per the U.S. Census Bureau. Construction began in 2025 and is being carried out in three phases, each pairing one residential tower with two sets of townhomes, the paper reports.
What's Changing Inside the Buildings
The renovation package includes new kitchens, finishes, windows and building systems, along with air conditioning and accessibility improvements, the Times Union reports. A geothermal system is also part of the upgrade, which the paper says will provide heating, cooling and hot water for residents. AOW Construction is listed as the project's builder and SWBR as its architect, per the same report.
Families have already started moving back into the first phase of townhomes, and the first residential tower is expected to be completed by the end of 2026, according to the Times Union's reporting. A separate account from CBS 6 Albany in September similarly described plans for families to begin moving into the high-rise by the end of 2026. That station also reported that the main mechanical room's steam boiler system had already been swapped out for geothermal heat pump systems meant to run the entire building, and that 28 of the project's units would be market rate, with the remainder based on income, including some set aside at lower area-median-income thresholds.
A Larger Vision Rooted in Steamboat 20
Albany Housing Authority Executive Director Chiquita D'Arbeau told the Times Union that Phase 2 advances the larger vision begun with Steamboat 20, investing in buildings, residents and the South End community. D'Arbeau said the project aims to modernize apartments while preserving the area's historic character, the paper reports. Steamboat 20, the predecessor project at 20 Rensselaer Street, rehabilitated one of four high-rise buildings in the Steamboat Square Historic District, updating 51 apartments and adding 37 new units, according to the Times Union. That project was completed in 2024.
WAMC reported that Steamboat 20 preserved 51 affordable units and created 37 new apartments, 14 of them with supportive housing services for people struggling with homelessness. WAMC described it as a $42 million project featuring energy-efficiency upgrades. Separately, AOW Construction has said the Steamboat 20 renovation covered 84,000 square feet and resulted in 77 one-bedroom and 11 two-bedroom apartments, and that the project was completed ahead of schedule.
Cost Figures Differ Across Reports
The price tag for Phase 2 is described differently depending on the source. The Times Union reports an estimated cost of $228 million, attributed to D'Arbeau, while CBS 6 Albany has described Phase 2 as part of a $201 million revitalization effort — figures that may reflect different project scopes. State funding figures likewise vary: the Times Union reports Phase 2 is supported by $149 million in housing bonds and subsidies financed by New York State Homes and Community Renewal, while a photo caption cited by the paper put state support at $159 million, a figure that matches what New York State Homes and Community Renewal listed for the project. That state funding was part of a broader $2 billion financing round announced in 2025 that supported 24 housing developments across New York, according to the agency.
Phase 2 of Steamboat Square is planned for completion in 2029, the Times Union reports. The project's developers have described the broader construction timeline as unfolding in rolling phases over 36 to 42 months, according to project materials from Reimagine Steamboat Square. For now, work is underway on the South End's 1959-built towers, while townhomes slowly fill back up with residents.
