Meant to revitalize downtown Troy, the development of City Station North is breaking ground.
The United Group of Companies was approved for $42 million in construction financing for the multi-family apartment complex, office space, and parking garage in February. The company says it hopes the added development will spark daytime activity in the downtown and positively impact nearby businesses.
City Station North, formerly the site of the Educational Opportunity Center EOC and the Bumstead Chevrolet building, will be the fourth building in the so-called “City Station Neighborhood” in the 6th Avenue and Ferry and Congress Street corridor.
Republican Mayor Carmella Mantello supports the development and previously said she remained cautious about empty office and storefront spaces throughout the city. But, she said Tuesday it’ll bolster the local economy.
“The more than we can get folks to invest here in the city, I think it’s going to domino into other folks investing,” Mantello said.
Michael Uccellini, the company’s president and CEO, says getting the project off the ground wasn’t easy. He says given the tough credit market in recent years, it was hard to get loans. Uccellini adds that the company is relocating to office space within City Station.
“We're in an opportunity zone, so that's a real benefit to any business that locates here,” Uccellini said. “And we're providing the on-site parking as the, as the mayor said, which is a huge need, even though it's not required in the in the T-5 urban transit district here.”
More than 150 gated, covered and surface parking spaces will be included in the development.
The company says the nearly 175,000 square-foot, four story complex will house 87 one-and-two-bedroom apartments outfitted with energy efficient heating and cooling systems, private balconies, and multipurpose rooms and fitness centers.
Jeff Smetana, the project’s chief development officer, says while it’s not United’s largest project, it has been one of its most challenging.
“It's really three buildings, all designed in one. There's a garage building, there's an apartment building and a new office building, all different types of construction, all that need to be constructed separately, but work together,” Smetana said.
United says since 2009, it has invested more than $100 million downtown.
Partners in the project include state and local government, QPK Design, Colliers Engineering & Design, and Franco Construction Services.
The project also received a $1.7 million capital grant from Empire State Development, recommended by the Capital Regional Economic Development Council, and the Troy Industrial Development Agency.
In addition to current funding, Empire State Development supported the the project with a $2.5 million capital grant for an earlier phase of the project.
Michael Yevoli, the regional director for the Capital District with E-S-D, says development with an emphasis on housing supports Governor Kathy Hochul’s vision to create housing opportunities for all New Yorkers.
“Downtown Troy will continue to be a premier place to live, work, play and learn,” Yevoli said. “The fabric is here, RPI and Sage, the historic and vibrant neighborhoods, a strong business community and opportunities for all. It's these attributes and projects like this that create Troy's enjoyable sense of place and the vibrancy that goes with it.”
Construction on the office space is expected to be completed next summer and residential units are anticipated to be ready by November 2025.
