ALBANY, N.Y. (NEWS10) -- The bankruptcy court has approved the sale of the former College of Saint Rose campus to the Albany County Pine Hills Land Authority (ACPHLA). The ACPHLA was awarded the $35 million bid during an auction on December 12.
Now that the bid has been approved, the ACPHLA will be overseeing the revitalization of the former college properties. The ACPHLA was directly established to create a redevelopment plan for the campus.
“From the beginning, we believed it was in the best interest of all parties to keep the campus intact for unified development. We remain committed to collaborating with the Pine Hills neighborhood as we seek the best use of these properties going forward,” said CEO Kevin O’Connor.
Saint Rose filed for Chapter 11 bankruptcy protection in October, continuing the college’s shutdown operations which began in late November 2023. The college closed at the end of the 2023-2024 academic year.
The only part of the former campus not included in the entire bid from the Land Authority is the President’s House. Proceeds from the sale will go to the estate. The parties are set to return to court on January 15 to revisit the Plan of Liquidation that Saint Rose will be filing.
“This is an exciting day for all of Albany County. As a champion of the ACPHLA, I am thrilled with this outcome. It ensures stability for a crucial piece of the Pine Hills neighborhood,” said Albany County Executive Daniel McCoy. “I look forward to working alongside all stakeholders and the ACPHLA to make good on our promise to the people of Albany County.”
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