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ALBANY, NY–New York State plans to sell 84 Holland Ave. and some adjoining property here to the Renaissance Corp. so that the company can eventually house the headquarters of The International Center for the Advancement of Nursing at the site.

State officials say that Renaissance Corp. plans to acquire the 165,000-sf building and surrounding property for $3.9 million. Renaissance also expects to invest more than $8 million to renovate the building.

According to state officials, The International Center for the Advancement of Nursing is a vision of philanthropist Morris Silverman, who began the Renaissance Corp. in 1999 to complement the work of the University Heights Association–a higher education consortium which consists of: Albany Law School, Albany College of Pharmacy, the Sage Colleges and Albany Medical Center. The association was founded to create an international center for healthcare, research and education in the Capital District. The property at 84 Holland Ave. is adjacent to the University Heights Association’s campus.

Renaissance plans to locate the administrative office of the International Center for the Advancement of Nursing in the building, as well as provide space for a number of existing bio-medical research endeavors the company is involved in. New York State will continue to lease approximately 52,000 sf in the building for three years to accommodate several state agencies with offices currently located there. Once the contract of sale is signed, Renaissance will be responsible for all building maintenance and operating costs, state officials say.

A native of Troy, Silverman has provided more than $20 million to various healthcare and educational institutions in the metro area. The new center, which will serve as a model for nursing education and nursing care, is designed to address the nationwide shortage of skilled nurses and provide continuous training in health care and medical technology, state officials say. Silverman first announced plans to create the center in April and has set up a $50 million fund to help pay for its start up and operations.

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