Troy hopes fifth time's the charm for One Monument Square redevelopment
November 05, 2018 11:34 PM
TROY -- Four times the City of Troy has tried to redevelop the vacant lot at One Monument Square. Each time, the projects failed to gain public support. Now the city is trying again.
Monday night the City of Troy unveiled its latest plan on what they want to see developed at One Monument Square.
"It creates two levels of parking down below, which is in the flood plain so its unusable land,” explained Troy Commissioner of Planning and Economic Development Steven Strichman. “And then the majority of the site on River Street is the public plaza space and there's a series of steps with a grand stairway down to Riverfront Park."
The renderings of the plaza also include a welcome center, a building that will have two floors for city use for meetings or concerts and then on the top floors there will be either offices or apartments. The renderings also include a restaurant that overlooks the Hudson River.
"This is going to attract a lot of boat traffic and a lot of people coming to Troy,” said resident Bob McCarthy. “They can see this from 787. They'll come over take a look."
Strichman said what’s different with this plan than previous plans is community involvement. There were several workshops held back in June with residents and business owners on what they want to see done with One Monument Square. A banner was also hung outside the site for people to write their vision down. All of it was used to create what was presented Monday.
The next step is for the city to find out how to pay for the project. They’re looking to move quickly so they don’t lose out on state grants that expire by the end of the year.
“Right now we’re working with the state on trying to continue to keep the money, which is about $1.8 million in grants."
The city would also need to find a developer and decide what parts of this project are city owned. This would be a minimum three year project but many said Monday night they want to see it come to fruition.
Strichman said if plans progress, the site could be shovel ready by spring.
Updated: November 05, 2018 11:34 PM
Created: November 05, 2018 04:56 PM
Copyright 2018 WNYT-TV LLC, a Hubbard Broadcasting Company. All rights reserved