If the bricks of Troy could talk.
The city along the Hudson River, once an epicenter of the industrial revolution in the 1800s boasted an economy greater than New York City. Intersecting waterways were the main form of transportation fueling industrious Trojans who thrived along their banks. Shipping, textile and steel mills flourished and so did wealth. At one time, First Street became known as “Banker’s Row” with 22 financial institutions.
Many of these artfully adorned bank buildings, factories and department stores covering city blocks, interspersed with hotels, row houses and townhomes endure to this day. The city of Troy has seen economic ups and downs; and still, the architecture remains a testament to its past grandeur.
Today, entrepreneurs, fast-growth companies and forward thinking developers once again recognize the value of this river city and are dusting off the grit. Those with true insight who value the past are bringing dignity back to these stately buildings.
Local and out-of-state developers have brought Troy's monolithic historic factories into the 21st century.
Warner Brothers, Vicarious Visions, Velan Ventures and 1st Playable Productions are just a few of the many game developers located in historic buildings throughout Troy. The city was recently named one of three digital gaming hubs in New York by the state.
Jankow Companies is adding two floors to a downtown Troy office building located at the corner of Federal and 5th St. and turning it into 40 apartments, lots of tenant amenities including a co-working space and a commercial space on the first floor. Completion expected by Fall 2023.
Starbuck Island is a $65 million luxury waterfront apartment community of 270 one and two-bedroom apartments. The complex includes a building for senior housing, rooftop terraces, a swimming pool, tennis courts, clubhouse & fitness center, and underground parking. Class A retail & office space, a waterfront restaurant and boat slips are also on the property.
After much controversy and years of planning the City of Troy and developer, Hoboken Brownstone Company have come together to create a showpiece in Troy's historic city center. Monument Square, along the Hudson River will be transformed into seven different style buildings, public gardens & walkways, retail, exhibits and 90 apartments with parking. Watch this space.
On the coattails of completing The News (a $24M 101-unit redevelopment/new construction project at the site of the former Troy Record building), the Rosenblum Companies created a similar project down the street at 130 4th St. Vicina consists of 80 market-rate apartments and 2,609 SF of commercial space at the cost of approximately $18.6M project.
AI CENTER OF EXCELLENCE
An Artificial Intelligence Center located at 19 Third St. is in the works to showcase AI capabilities, facilitate research & development, host events, support startups, and create AI solutions for customers. Partners include Microsoft, IBM, Columbia University, Rensselaer Polytechnic Institute and DeFacto Global.
City of Troy, Rensselaer County and The Arts Center of the Capital Region have banned together to dramatically improve downtown's most central alley. New drainage, curbing and murals by artist Joe Iruato have turned a drab and scary backstreet into a beautiful pedestrian walkway.
Located at 52 King St., Incite is a 55 apartment, 5-story complex constructed at the tune of $12.8M was completed in 2020. 1, 2, 3 and 4 bedroom apartments rent starting at $1,000 per month. The building also has 51 parking spots - most of them in a covered garage.
CITY STATION NORTH
City Station North is the fourth phase of the City Station neighborhood. It will be built along Sixth Avenue between Congress and State streets. The project, expected to cost $40 to $45 million, will be a mixed-use property, with 87 multi-family apartments and 40,000 SF of commercial office space.
Tech Center of Gravity
$1 million investment in 22-24 Fourth St. building to help startups and aspiring "solopreneurs"
Focused on the “Creative Economy”
To include freelance writers, web designers, social media promoters and Gramercy Communications, the building owner’s headquarters
Space designed to facilitate communications and idea exchanges
Walk-ins can rent space in the office for a day or on a longer-term basis, conference rooms and meeting rooms available
Historic Quackenbush building reimagined and renovated to accommodate a growing technology and manufacturing industry
New home of the Tech Valley Center of Gravity, a maker space and incubator used by students, inventors, entrepreneurs.
Includes cutting-edge 3D printers, wood shop, metal shop and a commercial kitchen for cooking classes and demonstrations.
eTextile classes combine fabric and textiles with electronics and is the foundation of wearable device prototyping
AT&T, National Grid and NYSERDA are $MILLION sponsors
Children’s 3D Printer program
For those interested in city-living, the lure to Troy is about being a part of a connected, walkable urban community.
According to apartments.com, in 2022 the average apartment rent in Downtown Troy is $1,320 for a studio, $1,388 for one bedroom, $1,829 for two bedrooms, and $2,515 for three bedrooms.
Apartment rent in Downtown Troy has increased by 4.3% in the past year.
Within just a few years,
apartments have been created and are in development.
Built and rented = 1,115
In development = 398
TOTAL = 1,513+