One Monument Square Redevelopment

State renews Troy grant needed to redevelop 1 Monument Square. | Click here for Times Union Article

After receiving and reviewing four RFP submissions, the Monument Square Selection Committee has chosen Hoboken Brownstone Company to work with the City of Troy and the Troy Local Development Corporation to develop the project located at One Monument Square.  A public meet-and-greet was held Tuesday July 16th at The Arts Center of the Captial Region where the developers spoke about the steps going forward.  See below for photos of the event.

A Brief History

During the summer of 2018, the City of Troy invited the public to participate in a multi-day planning workshop for One Monument Square. With help from the City’s Planning Department and consultants from Place Alliance NY and River Street Planning, Troy residents, business owners, visitors and other interested persons crafted a vision for the site. The resulting concept is a large, mixed-use project, all season civic plaza that includes two levels of parking with an open-air public space that spills onto River Street and Monument Square. It features expansive views of the Hudson River and a Grand Staircase connection through a series of distinct outdoor spaces down to William D. Chamberlain Riverfront Park with elevator access and ramps.

To view 360 views from within a rendering of the final concept, click on the following:

Panoramic View #1

Panoramic View #2

Over the summer, Place Alliance NY and River Street Planning worked with an Advisory Committee and the City’s Planning Department to refine the concept based on feedback from developers, residents and various stakeholders. The final concept was presented back to a largely approving public on November 5th.

Immediately following the presentation, the City began analyzing project feasibility and identifying key components and partnerships to assist in developing a project plan that best reflects our shared vision for the site.

What’s Next?

In April 2019, the City released a Request For Qualifications for a Development Partner with whom the City and/or Troy Local Development Corporation will enter into a public private partnership. Four excellent development teams, from both within and outside our region, responded.

A selection committee, consisting of relevant industry experts and representatives, has been assembled to review the responses and is currently in the process of interviewing the four respondents to help determine which team is most qualified. The evaluation is based on the following criteria:

  • The respondent’s financial and organizational capacity.
  • The respondent’s demonstrated understanding of the project, including the community’s vision, fit within our historic downtown and interplay between the mix of uses and potential ownership structures.
  • The respondent’s relevant project experience and performance history.

The selection committee is preparing to select a development partner for the site sometime during the month of June, allowing the City and/or Troy Local Development Corporation to work with their team to execute a partnership agreement this summer. From that point, the project will move into a new phase of development, design and pre-construction.

As the City nears the end of the current visioning and feasibility phase and moves into the next, we will provide public updates and communicate progress both through social media/press releases and via community outreach efforts including sharing progress at neighborhood meetings, etc. Please continue to check this page, as we will update as soon as there is news to share.

Photos

July 2019 – Public Meet-and-Greet with Hoboken Brownstone Company

June 2018 – Charrette Photos
Existing Conditions
November 2018 – Final Model Images

Downloads

Design Concept

Prior Proposals

Supporting Documentation