<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=03hDOK_1BphvVm300" alt="https://img.particlenews.com/image.php?url=03hDOK_1BphvVm300" width="1159" height="869" ><figcaption>The former Wells Fargo Bank site at 300 W. First Ave., shown May 23, 2026, is likely to remain a parking lot for now.</figcaption></figure>Plans to construct a four-story apartment and commercial building on the city-owned site of the former branch of Wells Fargo Bank in downtown Albany are once again up in the air.Sable Drive LLC, one of the companies of Albany developer Scott Lepman, has an option to buy the property for $310,000, but the option requires him and the city to reach a development agreement by the end of this month.On Wednesday, Lepman told the Albany Redevelopment Agency of several problems keeping him from going ahead. In response the agency, consisting of the city council and mayor, voted 5-2 to extend the deadline for the development agreement to Nov. 30. Council members Michael Thomson and Carolyn McLeod voted “no.”Among the obstacles cited by Lepman:— He learned from Pacific Power that high-voltage lines in the alley between First and Second avenues would not allow the building as planned. The lines would have to be put under ground.— The city would require the alley to be improved, but he didn’t want to be the only one to bear that cost. He proposed a partnership with the city in which his crew would rebuild the alley and the city would buy the materials.— It had not yet been determined whether the ground under the former Wells Fargo parking lot is suitable for the proposed building.— The ultimate completion date for the project of December 2028, specified in the option agreement, can’t be met.To refresh your memory about this key downtown site:In 2018, Wells Fargo closed its downtown branch. A year later, the Albany Revitalization Agency bought the property for $1.5 million.Efforts to get someone to redevelop the old bank did not pan out, and the council spent another $300,000 to demolish the building and put the property up for sale for $310,000.Lepman came in with the only offer. He proposed to cover the block, fronting the north side of First from Broadalbin to Ferry Street, with a four-story structure containing apartments, commercial spaces and parking for 47 vehicles.In October 2023, the council/ARA voted unanimously to sell the property to Lepman. Under the option agreement, which runs out this November, Lepman has been paying the city $3,500 a month.On Wednesday, Lepman told the council he still wants to do this project, but: “If you think you can find someone else, I’m willing to step away.” (hh)</div></body>

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Plans to construct a four-story apartment and commercial building on the city-owned site of the former branch of Wells Fargo Bank in downtown Albany are once again up in the air. Sable Drive LLC, one of the companies of Albany developer Scott Lepman, has an option to buy the property...

Wells Fargo site: Snags with development

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Plans to construct a four-story apartment and commercial building on the city-owned site of the former branch of Wells Fargo Bank in downtown Albany are on

Wells Fargo site: Snags with development

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