ALBANY, N.Y. (NEWS10) — The Pine Hills neighborhood was invited to a public meeting Thursday night where the community was allowed to address college officials and ask questions on what is next.
When The College of Saint Rose announced it would be closing its doors for good last November, it left the community of the Pine Hills neighborhood questioning what’s next for all the college’s buildings.
“God always has a plan. It’s not always a plan you expect, but God has a plan,” said The College of Saint Rose President, Marcia White.
The Saint Rose president and board members addressed a room full of nearly 50 Pine Hills neighbors tonight. “Because the college owes approximately 50 million to the bondholders and bondholder debt, the bondholders have the right to decide how the property and securing the debt will be disposed of,” said the chair of the college’s board of trustees, Jeff Stone.
“What can you tell us about the bond holders?” asked a Pine Hills resident.
“I can’t tell you a lot about the bondholders, they’re not local,” responded Stone.
When it comes to the remaining buildings the board says, “Right now the sale of the campus as a whole is preferred.”
Some others had concerns, after hearing rumblings that Touro University, a private college in New York City could be stepping up to help keep Saint Rose afloat. “The trustees have had inquiries and discussion with outside interests though nothing has been formalized,” said Stone.
Common Council Member, Owusu Anane, Ward 10 of Pine Hills neighborhood said the people have one option to keep control of what happens in their neighborhood as zoning laws will apply. “Ultimately, it’s going to need zoning changes and that’s where we have the power as the residents to really have a say as to what we’d like to see in this neighborhood,” said Anane.
Officials say the process will take time and the board will remain on the payroll for as long it takes to dissolve The College of Sanit Rose.
“The goal is to have the wind down process completed by December 30th of this year. But it could potentially take longer,” said Stone.
No matter what happens next, Anane says the community will stick together and get through this. “Our neighborhood will survive this closure and this neighborhood will continue to be a wonderful neighborhood,” said the common council member.
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