Troy development project gets state funding
TROY, N.Y. (WRGB) - A project by real estate developer The United Group got $1.7 million in funding from the state's Economic Development Council, and they already know what they'll do with it.
They're already a year in to taking down the vacant building on 141 Congress Street in Troy and building a brand new apartment complex and office space building in its place. The building was last occupied by the Educational Opportunity Center in 2014. The United Group says the grant will help with construction costs, when the place is torn down, and turned into City Station North.
"We felt from as a developer, looking at the site, that was a far better utilization of the site,” says Bill Flanagan of the United Group.
Flanagan says the building should hold 87 apartments that are aimed at young professionals. They're increasing their presence on Congress Street, where they've already developed several separate student apartment complexes just across the street.
"We think there's a tremendous demand that's been demonstrated for a number of years for residents. A lot of millennials. A lot of baby boomers downsizing," Flanagan said.
City officials are also excited about this. They say one of the biggest draw is the location.
“It's really at the confluence of our neighborhoods and our downtowns and our universities,” says Steven Strichman, Troy Commissioner of Planning and Economic Development.
The total price tag for the project is around $40 million. The new complex will also house 40,000 square feet of office space. City officials are confident that and the apartments should translate into more foot traffic downtown.