City Selects Hoboken Brownstone Company as Developer for One Monument Square Site

City Selects Hoboken Brownstone Company as Developer for One Monument Square Site

For Immediate Release
July 10, 2019

City Selects Hoboken Brownstone Company as Preferred Developer for One Monument Square Site

HBC chosen to redevelop the One Monument Square site in historic downtown Troy

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TROY, NY – Mayor Patrick Madden today announced that the Monument Square Selection Committee has chosen Hoboken Brownstone Company (HBC) as the selected development partner for the One Monument Square site. HBC will collaborate with the City of Troy and Troy Local Development Corporation (TLDC) on a new construction project at the former City Hall site.

Mayor Madden said, “The successful redevelopment of Monument Square requires the right partner to tap into the potential of the property while incorporating the community’s vision for the site. Hoboken Brownstone Company has demonstrated their ability to advance transformative projects that incorporate public spaces while including design and construction standards that consider the spirit and character of historic neighborhoods. We look forward to working collaboratively with them to move this exciting waterfront redevelopment project forward.”

The Monument Square Selection Committee reviewed four quality submissions received in response to the project RFQ issued earlier this spring. The committee interviewed each company before meeting to discuss each individual firm. Selection criteria were based on the individual firm’s prior experience, understanding of the public vision, and financial capacity to complete the project. The Committee selected Hoboken Brownstone Company because of their relevant experience and resources necessary to successfully develop Monument Square property to a highest and best use and strong commitment to community inclusion in their process.

Steven Strichman, City of Troy’s Commissioner of Planning said, “Hoboken Brownstone Company spent considerable time and effort in connecting with business and property owners in Troy in preparing for this project. The entire selection committee was pleased to learn that some HBC principals had attended last year’s design charrette, and were already talking to potential commercial tenants for a future development at 1 Monument Square. We are excited about the opportunities that can result from this partnership, and are eager to move this project forward in collaboration with HBC.”

Heidi Knoblauch, Chair of the TLDC said, “As a business owner and resident of Downtown Troy I am thrilled that HBC was chosen to develop 1MSQ. Their track record is impressive and the commitment they showed throughout the RFQ process to the community, the City, and the TLDC was unmatched. This partnership represents a transformative moment for Downtown and its connection to the waterfront.”

Sumeet Gupta, Principal for Hoboken Brownstone Company said, “We are very honored and excited to be selected as the developer for One Monument Square. HBC was initially drawn to Troy because of its unique, downtown urban charm, but what has impressed us most is the energy and creativity of the residents, small businesses and major stakeholders. We are looking forward to working collaboratively with the City, local stakeholders, and area-developers to deliver a project that is truly representative of today’s Troy, and continue the overall economic growth and success story the community has executed on.”

The Selection Committee, Mayor Madden, and TLDC invite the community to attend a public meet-and-greet at 6:00pm, Tuesday, July 16th, at the Arts Center of the Capital Region (265 River Street, Troy). Attendees will have an opportunity to meet HBC’s principals as they talk about their experience, approach to delivering transformative projects, general vision for the Monument Square site, and answer questions from the community.

Next, the City, TLDC and HBC will begin negotiating a legal agreement outlining the process and solidifying a project timeline. The City and TLDC are excited to work with HBC to deliver an exciting mix of uses and public space within its historic downtown, and to enhance the connection from Monument Square down to Troy’s waterfront. Once an agreed project scope, design and amount of publicly controlled space are determined, the City, TLDC and HBC will collaboratively pursue all necessary approvals to initiate pre-construction and construction phases.

About Hoboken Brownstone Company:

The Hoboken Brownstone Company, started 39 years ago, began with the vision that one day the urban growth of Manhattan would extend across the Hudson River into New Jersey, leveraging the availability of various public transit options. From its early years, the company had a defined approach to development – to create high-quality housing that meets the demand of young families and upwardly mobile professionals seeking an upscale, yet affordable, urban lifestyle. The company’s philosophy has always been to develop with respect for the neighborhood by focusing on the community’s needs, keeping alive the city’s historical significance, and interlacing existing architectural styles with modern urban artistry. Almost all of the projects undertaken by the company over the past two decades have also incorporated environmentally conscious initiatives and sustainable practices by revitalizing brownfield sites with public parks, playgrounds, bike paths, walkways and other open space amenities.

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Press Contact:
John Salka, Deputy Director of Public Information
[email protected] / (518) 279-7131