State budget includes $19 million for One Monument Square in Troy
Hoboken Brownstone Co. proposes to build a six-story mixed-use development on the former site of city hall.
Assemblyman John T. McDonald III obtained $19 million from the New York State budget to help fund the long-sought renovation of One Monument Square downtown Troy.
McDonald, a Cohoes Democrat whose district includes Troy in its legislative division, said on Monday that the funding was included in the budget for 2023-24, which both houses of Democrat-controlled Legislature will vote on.
McDonald said that there are still funding gaps, but the funding represents a "giant step forward" in a "once in a lifetime" opportunity.
McDonald wrote that she worked hard to get support from the city of Troy. "Having attended many public meetings, it was encouraging to witness all parts of Troy supporting this proposal. This is why I sought to secure their support," McDonald said in a message. The project is a good investment for public infrastructure, renewable energies, waterfront redevelopment and workforce development. I appreciate the support from Governor Hochul and her Administration.
The Times Union was the first to report on the budget funding.
Hoboken Brownstone Co. from New Jersey wants to build a mixed-use, six-story development on the riverfront land where the old city hall once stood. But the company is stymied due to rising costs in construction, labor and materials, as well as debt.
The project will include an estimated $19.6M in public improvements, such as a parking garage, plaza, and stairs/connections to Riverfront Park.
In a telephone interview, Sumeet Gupta said, "This is clearly great news for the Project and gives us hope that something can be done here." We are very grateful for all the support from the state of New Jersey and the people of Troy in order to reach this point.
He said that Hoboken must better understand how the grant works.
He was unable to provide a current total cost estimate. It was previously estimated to cost around $64 million.
In a text, Troy Mayor Patrick Madden stated that the $19m "moves [us] considerably closer to a public-supported project and one that will be seen as a capstone in our downtown in generations to come." We are grateful for Governor Hochul's support, and McDonald's advocacy.