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Developer outlines 50M Monument Square plan; council preliminarily approves sale to TLDC
Summary
A development team presented a mixed-use plan for Monument Square—about 40,000 sq ft of office, ~51 apartments, public waterfront park to be gifted to the city, and substantial parking—and Council approved a preliminary resolution (Resolution 76) finding certain city parcels not needed and preliminarily approving sale to the Troy Local Development Corporation.
A development representative, Christian Luizi, described a multiuse mixed-development for Monument Square that the team estimated at roughly $50 million and said would include about 40,000 square feet of office space, approximately 51 residential apartments, and parking beyond earlier estimates. The developer said the plan includes reconceiving waterfront public space that the team would gift to the city and maintain.
Councilors asked whether renderings exist (they do), whether New York State grant money is being relied upon (staff said state grant money is a critical funding component), and whether the residential units will be market-rate (developer said they expect rates to be higher than market rate but final numbers were not confirmed). The council voted to adopt Resolution 76 preliminarily approving the sale of certain city parcels to the Troy Local Development Corporation and requiring a public hearing. The developer said the project aims to create downtown destination amenities and committed to further public engagement on park and program details.
"Our proposal and intention is a multiuse, mixed use building, approximately 40,000 square feet of office, approximately 50 residential apartments," Christian Luizi said while presenting the project to the council. Council adopted Resolution 76 unanimously.
