FOR IMMEDIATE RELEASE | MAY 4, 2017
Mayor Madden: One Monument Square Theater Redevelopment Project Receives First Round of Approval
Project Moves to Planning Commission Review Phase Following Approval of Land Development Agreement by Troy City Council
Joint Proposal by Bonacio Construction and Bow Tie Cinemas Will Construct Nine-Screen Movie Theater in Vacant Downtown Troy Site With An Additional Screen At the Historic American Theater
Mayor Madden: Theater Will Support Continued Growth of Troy Into An Active 18-Hour City
TROY, NY – Mayor Patrick Madden today announced that the proposal to transform the long-vacant One Monument Square site into a multi-screen movie theater received legislative approval from the Troy City Council on Thursday evening. The project to develop the 1.6 acre pacel located at the former City Hall site on River Street proposed by Bonacio Construction and Bow Tie Cinemas will now go before the Troy Planning Commission and Historic Review Commission for site plan review and public comment.
Mayor Patrick Madden said “As we move through the next phase of redeveloping the One Monument Square site I want to express my thanks to the members of the Troy City Council for their participation and careful consideration during the legislative approval phase of this important redevelopment project. When complete, this exciting theater project will support the ongoing growth of our community into an active 18-hour city, attracting new visitors to our downtown restaurant and small business district and driving new investment to the Collar City. My administration looks forward to continue working closely with Bonacio Construction and Bow Tie Cinemas on this important redevelopment project which will strengthen our community and local economy.”
Joseph Masher, Chief Operating Officer of Bow Tie Cinemas and Troy native, said “We are excited about Troy’s support for this transformative downtown project and look forward to working with the Historic Review Committee and Planning Commission on the design of a signature downtown destination.”
Earlier this year, Mayor Patrick Madden announced Bonacio Construction and Bow Tie Cinemas as the selected developers of the One Monument Square site. Following the conclusion of the selection process, the development team met with key City staff from involved departments to ensure that the developer and the City are in agreement on the primary development issues associated with the site. Following completion of negotiations between the administration and the selected developer, the contract agreement was presented to the City Council for their consideration and final approval. Construction on the project anticipated to begin in late fall 2017.
Additional information on the One Monument Square project can be found online at the City of Troy’s Planning Department homepage: http://www.troyny.gov/cityprojects/monumentsquare
John Salka, Deputy Director of Public Information
[email protected] / (518) 279-7131