$ 64 million proposed for 1 Monument Square in Troy


TROY – Hoboken Brownstone Co. and the city on Wednesday night unveiled a $ 64 million plan to redevelop 1 Monument Square with a six-story mixed-use building that offers what residents and business owners have said they wanted to see rise to the 1.1 acre site.

The unique building comprises seven architectural designs intended to reflect the evolution of the city’s architecture from the 1840s to the 21st century. The proposed building takes an innovative approach to portray the history of the city through brick facades that reflect different eras.

The building on River Street would have a first floor with a bar / restaurant / brasserie, lobby, retail space and food market space to encourage businesses that would continue to grow from the Troy Farmers Waterfront Market or from similar places. The building would have around 90 apartments on the upper floors and a parking garage below.

There would be a 20,000 square foot plaza that would provide the open space residents want on the site, located at the south end of Riverfront Park. It would also be designed to encourage pedestrian traffic between River Street and Riverfront Park, which borders the Hudson River.

“It looks spectacular. It captures the important points that the townspeople asked for two years ago, ”said Mayor Patrick Madden, referring to the town halls on what should be included.

Madden said funding will need to be discussed.

Thunderous applause greeted the conclusion of the proposal from Sumeet Gupta, a director of Hoboken Brownstone and a resident of the Capital Region, members of the design team and city officials. Hoboken Brownstone and city officials have expressed concern over the public backlash, which derailed previous proposals for the site.

“I believe this can be a destination and a model of waterfront development for the Capital Region,” said City Council President Carmella Mantello.

The public part of the project will cost $ 24 million, while the private part of Hoboken will cost more than $ 40 million, said Steven Strichman, municipal planning and economic development commissioner.

Public funding would cover redevelopment costs of $ 5.5 million for Riverfront Park and $ 18.5 million for 1 Monument Square, including the garage.

Four previous redevelopment proposals for the old town hall site have failed due to issues such as appearance, strong suburban feel, and inclusion of low-income housing. This time around, the city solicited public support early on as the developers worked slowly to put the design together to reflect what residents said they supported.

Barbara Nelson, former chairman of the planning committee and current executive director of TAP (Troy Architectural Program), said she was delighted that the proposal reflected what the public said she wanted, but that the inclusion of seven different building designs in one building was trying too hard to fit the history of the city.

It is expected that Hoboken Brownstone will go to the Planning Commission later this year for approval. The City plans to begin infrastructure work on the site this fall.

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