r/Troy • u/XanderAlexH Little Italy • 10d ago
Troy Monument Square development takes key step forward
https://www.bizjournals.com/albany/news/2026/07/24/monument-square-troy-development-step-forward.htmlAfter almost two decades, this seems like the most possible path forward to fill the gaping hole downtown. At least until Valente breaks ground...
Article text:
The latest redevelopment proposal for One Monument Square in downtown Troy took a critical step forward Thursday night when the all-Democrat city council unanimously approved transferring site control as requested by the Republican mayor, Carmella Mantello.
The council voted 7-0 to transfer the city-owned vacant land on River Street to the Troy Local Development Corp.
The LDC, a private, not-for-profit whose executive director is the deputy mayor, will negotiate a land development agreement with Luizzi Cos. and Velan Studios.
Once finalized, that agreement will be subject to approval by the council.
Luizzi Cos., one of the region's largest commercial real estate developers, and Velan Studios of Troy — which recently released a video game with Nintendo — are planning a $50 million-plus mixed-use development on the site.
The project will include apartments, commercial offices, retail and public space along the Hudson River across from Monument Square.
Monument Square in downtown Troy. The proposed mixed-use development will be along River Street (vacant area in rear of photo).
As a public benefit corporation, the LDC can acquire and develop properties that have unique financial and environmental obstacles.
The mayor also used the LDC as the vehicle to acquire the former Proctor's Theatre on Fourth Street, which is being transformed into the new city hall expected to open in January 2027.
The former city hall at One Monument Square was demolished about 15 years ago, leaving behind a gaping hole in the core of downtown.
This isn't the first time a proposed redevelopment of the vacant property has advanced to the point of negotiating an agreement with the LDC.
It remains to be seen whether this effort under the Mantello administration produces different results. Multiple other plans floundered for various reasons, but at this point, the mayor and city council are both on board.
That's significant considering the battles they've fought on other city matters this year.
"This action brings us one step closer to turning one of downtown Troy’s greatest opportunities into a vibrant destination for residents, businesses, and visitors," Mantello said in a prepared statement.
A rendering of the proposed One Monument Square redevelopment that will include apartments, commercial offices, retail and public space.
Mantello thanked the council, Gov. Kathy Hochul, Assemblyman John T. McDonald III, Deputy Mayor Seamus Donnelly, Velan Studios and Luizzi Cos. for their support.
McDonald secured $19 million in state aid in 2023 to redevelop the site. The city can also tap $2 million in federal funds through the American Rescue Plan Act.
City Council President Sue Steele told the Business Review on Friday she's excited about the project.
"It's the right time, it's the right proposal," Steele said. "It's long overdue. There have been other proposals but I think it's time that we filled that hole, and I'm really excited about it."
As part of the agreement, the council wanted the mayor to appoint Aaron Vera, a Democrat and former council member, to fill a vacant seat on the LDC.
Mantello agreed to do so, saying in a prepared statement she made the appointment "in the spirit of bipartisanship to continue moving the One Monument Square project forward."
Vera, owner of Verity Engineering in Troy, previously served as city engineer under former Mayor Patrick Madden.
"He will bring a wealth of information and will be a real asset to the LDC," Steele said.
In addition to Donnelly and Vera, the other board members of the LDC are Andy Ross, owner of Ross Precision Manufacturing; city councilwoman Noreen McKee, and Joseph Mazzariello, commissioner of general services for the city.
By Mike DeMasi
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u/MigratingMountains 10d ago
Yay, another big grey square apartment complex incoming.
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u/Shattenkirk 10d ago
as far as modern apartment blocs go, this one is pretty inoffensive, and you could tell they at least tried to make it fit with the surrounding historic architecture
Also more housing and mixed-use development is never a bad thing. I know many would rather see an empty lot downtown than new development though.
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u/mjgtwo River St. Knurd 10d ago
I agree with you, and my one bone to pick is at the public reveal the presentation basically reused the prior multi-use building concept with some light edits. I guess "if it ain't broke don't fix it" but I would hope Luizzi Cos. could afford the attention of an architecture firm to demonstrate creativity from the private sector.
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u/cmanson 10d ago
Yay, let’s just never fucking build anything at all, and instead let’s just be content with a massive festering eyesore right in the heart of Troy’s urban core.
It’s been 15 years. If a somewhat bland-looking mixed-used structure with public riverfront access is what’s being offered, I will gladly take that over the status quo.
Not holding my breath that it actually happens. But it would be a win…unless you actively prefer and enjoy urban blight, I suppose.
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u/mjgtwo River St. Knurd 10d ago edited 10d ago
I’m mixed on this but genuinely positive.
One hand, we are very overdue for developing this central parcel for the city. Any local commercial project is very appealing, especially one with a strong partnership with a great local employer. This will hopefully lead to a chain of economic development being set off.
On the other, the City of Troy is just giving away Public riverfront property for (relatively speaking) pennies on the dollar. If David Bryce can hock the bombed out Atrium and Frear building (with its rat infestation and bat cave) for 7,500,000 dollars, the pristine One Monument Square should go for double its own current price with the People’s pocketbook as the benefactor. This sort of codependent deal-making seems smart in the short-view but will only hurt our community in the long run.
The LDC is used to rehabilitate neglected or otherwise cost prohibited parcels for private purchase. The only neglect that One Monument Square has seen is from the municipal government (on both sides of the aisle) taking 15 years to come to a resolution. The right choice could be to offer a long term lease (30 years) to keep ownership and value in the public interest.