FOR IMMEDIATE RELEASE | MARCH 1, 2017
Mayor Madden Announces Selection of Bonacio Construction to Redevelop One Monument Square
TROY, NY – Mayor Patrick Madden today announced that Bonacio Construction has been selected to redevelop the One Monument Square site, the 1.6 acre parcel located at the former City Hall site on River Street. The selected proposal seeks to construct a multi-screen movie theater in partnership with Bow Tie Cinemas to support the continued growth of Troy into an active 18-hour city.
Mayor Patrick Madden said “Following a thorough review and interview process the One Monument Square advisory group agreed to select Bonacio Construction as the preferred developer for One Monument Square. Their proposal to build a nine-screen cinema will strengthen our city’s growing economic resurgence while further boosting Troy as a regional destination in the Capital District. With an estimated 10,000 weekly visitors this exciting project will support our downtown restaurants and small businesses while helping to attract additional investment to our community. We are thrilled to partner with Bonacio Construction and Bow Tie Cinemas on this important redevelopment effort.”
Steven Strichman, Commissioner of Planning and Economic Development, said “Bonacio’s proposed development will restore the site as a hub of economic activity and contribute to the creation of an 18 hour downtown. The proposal is in conjunction with a 10th screen at the nearby American Theater and should be complete in time for the 2018 holiday season. The phased construction will be designed to allow for future expansion of additional commercial or residential floors.”
Joseph Masher, Chief Operating Officer of Bow Tie Cinemas and Troy native, said “We have been following the remarkable progress in downtown Troy, and are thrilled to be working with Bonacio Construction and the City of Troy on the concept of bringing a world-class luxury cinema operation to the Collar City. The project will be the first of its kind in the area, with reserved luxury electric recliner seating and full in-theater dining and beverage options.”
Larry Novik, Director of Business Development at Bonacio Construction, said “We appreciate the efforts of the Advisory Committee and the Mayor and are excited to get to work on bringing a luxury theater to downtown Troy. Through our previous projects with Bow Tie, we know first-hand, the excitement and activity that they bring to a downtown core, and how successfully that energy meshes with downtown residents, restaurants and retailers.”
Russ Brooks, owner of River King Development and review committee member, said “As a member of the review team, I was pleased with the process and the opportunity it afforded us to discuss the proposals in detail and ask appropriate questions. I feel, as did the rest of the team, that use of this site for a theater will be a great benefit for downtown and all of Troy.”
Tobi Saulnier, CEO and founder of First Playable and review committee member, said “Bow Tie’s Theater at Monument Square will provide a new and exciting entertainment amenity that benefits our employees and residents, helps businesses attract talented staff and elevates Troy’s renaissance to a new level.”
Matthew Ammerman, co-founder and Global Client and Partner CTO at Apprenda and review committee member, said “Monument Square is a central point in Troy. We felt that the best use of the space is two-fold – give Troy residents a place to regularly congregate and utilize the riverfront as they always have, and give folks from surrounding areas another reason to come downtown and enjoy Troy: dinner and a movie with Troy’s distinct flair.”
In the coming weeks, the city will work with Bonacio Construction to negotiate a Land Development Agreement for approval by the City Council, outlining the terms of the transfer, which include a sale price, process for approvals, and scheduled public hearings. It is anticipated that this will come before the City Council Planning Committee in April, and that the Planning Commission will review the Site Plan in May and June, with construction anticipated to begin in late fall 2017.
In December of 2016, the City of Troy sought proposals to redevelop the One Monument Square site in downtown Troy. Responses were due on Friday, January 20 at City Hall. Two submissions were received. An advisory group consisting of city staff, residents and property owners was established to conduct an unbiased and thorough review the proposals and select a developer. Following the conclusion of the selection process, the development team will meet with key city staff from involved departments to ensure that the developer and the City are in agreement on key development issues.
Following completion of negotiations between the administration and the selected developer, a contract agreement will be presented to the City Council for their consideration and approval.
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