After more than 35 years vacant, local officials set to announce redevelopment of a notorious Capital District eyesore – the Tobin First Prize building on Exchange Street.
On Thursday, Dec. 15, Richbell Capital is set to announce a project that will “integrate residential housing with shopping, restaurants, hospitality, entertainment and places to work,” according to a press release sent by the development company with offices in New York City, Washington DC and Saratoga Springs.

“The redevelopment will incorporate the principles of new urbanism to develop a sustainable smart growth community,” according to the release. “Residential housing constructed over restaurants, shops and entertainment is proposed to make a pedestrian-friendly walkable community that incorporates all elements of a live/work/play atmosphere.”
The Tobin plant is visible from I-90 near Exit 5, the 32-acre property straddles the boundaries of Albany and Colonie, where the bulk of the property lies.
Formerly a meat-packing plant opened in 1924 and closed its doors in 1981. The property was eventually purchased from the federal government in 1984 for $150,000 and the ground floor of the blighted building was home to a few tenants over the subsequent decades. One of those tenants, Exchange Street Associates, eventually assumed ownership of the property on April 1, 2015.
The exchange of ownership was meant to facilitate redevelopment of a property that has failed to realize a long string of proposals, including a possible: casino, Wal-Mart, Cabela’s, Whole Foods, Lowe’s, county nursing home, mall and warehouse park.
Various state, county and local elected officials are expcted at the announcement on Thursday.
“This is a great example of regionalism and inter-municipal cooperation eliminating one of the biggest eyesores in the Capital Region,” said Bill Hoblock, executive vice president of Richbell Capital. “This type of redevelopment can only be accomplished with the support of the municipalities involved.”
One of the largest obstacles that has thwarted redevelopment of the First Prize Center is that the property is situated in two municipalities. The state legislature, though, passed a law that allows for the municipalities to create an overlay zoning district that covers the entire property. One consolidated planning board is created between the municipalities and that one planning board oversees the municipal approval process.
Richbell Capital is asking Albany and Colonie to adopt The First Prize Center Redevelopment Overlay Zoning District that will permit the redevelopment.
“We are excited about this project, not just bringing life back to this long derelict site but also about the vast employment opportunities it will provide the area,” said Toby Milde, president of Richbell Capital. “The project will offer the capital of New York state an exciting new lifestyle option where resident can live, work and be entertained by the amenities within the community.”