For Immediate Release
March 5, 2018
Statement from Mayor Madden on Restore NY Funding for Rehabilitation of 701 River Street
TROY, NY – Mayor Patrick Madden released the following statement regarding the announcement of $1.8M in funding from the Restore New York Communities Initiative for the redevelopment of 701 River Street, a 90,000-square foot former manufacturing facility located in Troy’s North Central neighborhood:
“The Restore New York program continues to provide communities the necessary tools to support neighborhood growth through the transformation of long-vacant properties into hubs of economic vitality and growth. Troy’s rich architecture and existing building stock remains at the core of our economic rebirth, and this important funding will allow us to leverage this historical asset to support the ongoing revitalization of the North Central neighborhood. We extend our thanks to Governor Cuomo, Empire State Development and our state representatives for their support and advocacy on behalf of our residents, families, businesses & neighborhoods and look forward to working with Redburn Development and PAZ Healthcare on this exciting project.”
The former home of Marshal Ray Manufacturing, the 701 River Street project is a $10.5 million rehabilitation project which seeks to transform five stories of approximately 90,000 square feet of blight into a mix of restaurant & commercial space and 80 market rate apartments with easy access to the Hudson River.
The project, a partnership between PAZ Healthcare and Redburn Development, is one of four major investments within a two block area of the North Central neighborhood – including the School One Lofts, renovation of 669 River Street, and the City’s construction of the Ingalls Avenue Boat launch and recreational park space anticipated to begin later this year.
Kevin O’Bryan, Chairman of the Troy Industrial Development Authority said, “Redevelopment of the historic Marshal Ray Building adds new energy to Troy’s continued development in the North Central Neighborhood. The Troy IDA is proud to be a partner in this project and thanks Governor Cuomo and our local and state representatives for their support through Restore New York funding of $1.8 million dollars.”
Jacob Reckess, Vice President of PAZ Healthcare said, “We are thankful for all the support from the city of Troy, Governor Cuomo and Empire State Development Corporation for this project. Their support and assistance has been instrumental in making this project happen. We look forward to getting this project underway.”
Tom Rossi, Principal at Redburn Development said, “This is a significant opportunity for the City of Troy and the North Central neighborhood. Our recently completed School One Lofts remains a great success and we feel this project will help accelerate North Central’s revitalization. We are thankful for Governor Cuomo and Empire State Development’s continued commitment to upstate New York.”
John Salka, Deputy Director of Public Information
[email protected] / (518) 279-7131