Company News

First Columbia LLC seeks to build office building in Colonie
The Business Review (Albany) - 2:58 PM EDT Tuesday, April 10, 2007
by Michael DeMasi

Sunmark Federal Credit Union's plans to build a new headquarters on Troy-Schenectady Road in Latham, N.Y., could pave the way for another new building nearby at the existing Riverhill Center, a 17-acre office park.

The owner of Riverhill Center, First Columbia LLC, is seeking permission from the town of Colonie to build a four-story, 60,000-square-foot office building that would be accessible through the same entrance proposed for Sunmark's headquarters.

First Columbia won't move ahead with construction until tenants are lined up, said Kevin Bette, president of First Columbia, a commercial real estate developer in Latham.

Riverhill -- a former medical complex used by CHP/Kaiser Permanente -- has about 100,000-square-feet of leased space, Bette said.

Sunmark plans to move its headquarters from downtown Schenectady to a new three-story, 56,000-square-foot building at 1187 Troy-Schenectady Road (Route 7). Sunmark would occupy about three-quarters of the building. The site, which currently has an abandoned house, is located between Riverhill Center and Ario's Pizza.

A new right-turn-only entrance is planned for the Sunmark headquarters.

Both projects are scheduled to be reviewed by the town Planning Board on June 5.