TROY, N.Y. -- Local leaders announced new details Monday of the city's waterfront development project, calling it a one-of-a-kind destination.
"By fall 2015, the atmosphere of downtown Troy and and its riverfront will be changed forever," announced Troy Mayor Lou Rosamilia.
A barren ditch at the site of the former city hall is hoped to fill downtown Troy with activity. The waterfront location is in the hands of Kirchoff Companies, Kirchhoff-Consigli Construction, Sequence Development, CSArch, the LA Group, Ryan-Biggs and Gramercy Communications, as they work to create a mixed-use hub. One Monument Square would become two separate buildings, Monument North and Monument South, with residential, commercial, and even civic use.
"We only had one opportunity to do this, so we wanted to make sure it's the right thing," said Rosamilia.
This is actually the second time there has been development planned for the site. In 2011, the city selected a proposal from Troy City Center, LLC. However, those plans were scrapped because officials found they didn't own all the property to be sold. In addition, it wasn't clear that the proposals incorporated subsidized housing.
Those years of vacancy proved to be an advantage.
"It allowed the Troy economy to grow by itself without this. So now we have a better idea of what actually belongs down here. And in the long run, we'll have the most beneficial project," said Jeff Buell, the owner of Sequence Development.
A permanent space for Troy's farmers' market is included in the $27 million proposal. The market is said to bring in 4,000-8,000 people to the Collar City every week.
Seth Jacobs, the president of the Troy Waterfront Farmers' Market Board of Directors said, "Other possibilities for other things, classes, conferences. We've got a great riverfront park there, great building, indoor, outdoor."
There is also a possibility for city hall to return to its former site. The Monument South building is being offered to the administration.
"There are advantages and disadvantages. City Hall brings in about 100 employees every day and thousands of people by foot. Then there is activity at night. But is that the best use of the property?," asked Rosamilia.
Regardless, the Collar City is ready to captivate the Capital Region and beyond.
"Troy is a buzz word," said Buell. "We want to provide something to people in Capital District where they say, 'Wow, we need to go to Troy today.'"
The goal is to break ground on phase one, or Monument North, this year, with completion by fall 2014. Phase two would begin afterward.