Photo: Visoot Uthairam / Moment / Getty Images
A local real estate developer is stepping up to purchase a building on the former College of Saint Rose campus in Albany. First Columbia plans to buy the Thelma P. Lally School of Education Building located on Madison Avenue, with intentions to repurpose the 53,000 square foot space as a multi-tenant property for office, institutional, or community-oriented use.
This purchase represents the latest development in the ongoing transformation of the former College of Saint Rose campus, which closed in 2024 after years of financial struggles. The campus, consisting of 72 properties with 92 buildings, was purchased by Albany County for $35 million through a bond issue after the college's closure, with the properties subsequently transferred to the Albany County Pine Hills Land Authority (ACPHLA).
In December 2025, the ACPHLA board unanimously approved the sale of five major properties on the former campus to Albany County for $6 million. These properties included the Event and Athletics Center, Neil Hellman Library, Hearst Communications Center, Huether School of Business building, and the administration building.
The sale of these buildings to Albany County was not without controversy. The Pine Hills Neighborhood Association supported the sale of buildings on Western Avenue but opposed those on Madison Avenue, arguing that the county's early interest made it "nearly impossible for any other potential buyers to consider purchasing these highly marketable buildings," according to the Times Union.
The Lally Education Building was not among the five properties sold to Albany County in December, making First Columbia's planned purchase a separate transaction in the ongoing redevelopment of the former campus.
Albany County Executive Daniel P. McCoy has previously stated that securing these parcels "lays the groundwork for a thoughtful, phased redevelopment process, one that will honor the campus's legacy while opening the door to new opportunities for housing, innovation and public use."
The ACPHLA board is now focused on actively redeveloping the campus in a phased approach, balancing economic vitality with housing opportunities and green space activation.